Indian crude steel output rebounds significantly in May: Govt data

India's crude steel output stood at 5.32 MnT in May'20, significantly up by 70% in contrast with 3.14 MnT in the previous month. Improved capacity utilization on easing lockdown measures, resulted in increased output. However, output fell by 44% on a Y-o-Y basis as against 9.47 MnT in May'19.

Finished steel exports soar-

-- India's steel exports surged by a whopping 198% to 1.28 MnT in May'20 in contrast with 0.43 MnT a month ago. Dull domestic demand & active Chinese buying fuelled exports.

--During Apr-May'20, the exports increased sharply by 76% Y-o-Y to 1.71 MnT.

Finished steel imports moved up by 32% on a monthly basis

--On a monthly basis the nation's imports increased by 32% to 0.54 MnT in May'20 as compared to 0.41 MnT in Apr'20.

--Meanwhile in Apr-May '20 the same fell by 19% to 0.946 MnT against 1.17 MnT in a similar time frame of the previous year.

Finished steel consumption reported significant rise in May'20

-- The consumption rose significantly by 210% to 3.04 MnT in May'20 compared with 0.98 MnT in the preceding month. With trades in end-users segments like construction, automobiles etc gaining pace, consumption rebounded.

-- During Apr-May'20, the same fell by 76% to 4.01 MnT compared to 16.41 MnT in a similar time frame of the previous year.