Indian Finished Steel Exports Jump 39% Y-o-Y in 9M FY20 - Govt Data
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Joint Plant Committee (JPC) released its provisional data for Dec'19 today. According to the released data, India's finished steel exports aggregated to 6.52 MnT for 9M FY20 (Apr-Dec'19) up by 39% in comparison with 4.68 MnT in the corresponding period last fiscal.
Indian steel mills shifted their interest to exports majorly to Southeast Asian buyers owing to slow buying and absence of demand in the domestic market. Also, buyers in Vietnam are higher attracted to Indian origin cargoes over cost-effective offers.
However, exports fell 12% M-o-M basis to 0.77 MnT in Dec'19 as compared with 0.87 MnT in the preceding month amid active bookings in a previous couple of months.
Indian finished steel imports decline by 7% in Apr-Dec '19- During 9M FY'20, India imported 5.51 MnT of finished steel, down by 7% as compared to 5.91 MnT in the same time frame of the previous fiscal.
Owing to dull domestic demand stockists and traders kept themselves away from importing any material from FTA nations. Also, there were competitive offers in the domestic market along with rumors on safeguard duty which collectively reduced imports in Apr-Dec '19.
However, on a monthly premise, the nation's finished steel imports inched up by 2% to 0.44 MnT in Dec'19 as against 0.43 MnT in the previous month.
India's crude steel output stable in Apr-Dec'19- During 9M FY'20, crude steel production summed-up to 81.91 MnT, largely stable against 81.87 MnT in a similar time frame of the preceding fiscal.
Indian steel producers churned out 9.01 MnT of crude steel in Dec'19, up by 1% on a monthly premise as against 8.93 MnT in Nov'19.
India's consumption of finished steel up by 4% in Apr-Dec '19- India's finished steel consumption moved up by 4% and stood at 74.83 MnT in Apr-Dec'19 as compared to 72.33 MnT in the same time frame of the previous fiscal.
India's finished steel consumption ascended by a 14% M-o-M basis and stood at 8.33 MnT in Dec'19 as against 7.34 MnT in Nov' 19.
