Indian Finished Steel Exports Plunge in H1 FY19 - Govt Data

India turned out to be a net importer of finished steel in first half of this fiscal.

Indian finished steel exports drop 35% in H1FY19-India exported 3.14 MnT finished steel in Apr-Sept'18 (i.e H1 FY19) less by 35% against similar time frame of previous year as per data released by Joint Plant Committee. On monthly basis the same registered drop by 18% in Sep'18 to 0.575 against 0.701 MnT in Aug'18.

Indian steel mills have focused more on domestic sales over higher realization and dull demand from SE Asian nations. Also Indian flat steel exports to Europe remained affected amid uncertainty of import tariffs imposed by European commission to protect Europe's domestic steel industry.

India's finished steel imports touch 4 MnT in H1 FY19- Indian finished steel imports stood at 4 MnT in Apr-Sep'18, less by 7.4% over similar time frame of previous year. However on yearly basis the same shrink by 17% in Sep'18 over Sep'17.

Meanwhile on monthly basis nation's import inched up by 1% to 0.675 MnT in Sep'18 against 0.671 MnT in Aug'18.

Devaluation of Indian currency rupee against USD restricted import bookings. Also countries like Japan and South Korea shifted more towards domestic demand fulfillment which limited export volumes.

India turned out to be net finished steel importer in first half of this fiscal. As per reports, Indian steel ministry is considering hike in import duty on steel products to 15%, however no further development regarding this was heard further.

India's crude steel output grew by 6% in H1FY19- According to provisional data released by Joint Plant Committee, India's crude steel output recorded growth of 6% in H1FY19 (Apr-Sep) at 52.278 MnT against similar time frame of previous year.

However on monthly basis nation reported 8.542 MnT of crude steel output in Sep'18, down 3% M-o-M as compared to 8.778 MnT in Aug'18.

SAIL, RINL, TSL, Essar, JSWL & JSPL together produced 31.283 MnT crude steel during Apr-Sep'18 higher by 10% compared to similar time frame of previous year.

India's consumption of finished steel increase by 8% in Apr-Sep H1 FY19- India's finished steel consumption rose by 8% in Apr-Sep H1FY19 to 47.68 MnT against similar time frame of previous year. Meanwhile on yearly basis the same witness the growth of 7.7% in Sep'17 over Sep'18.

However on monthly basis the same inch down by 1% to 8.218 MnT in Sep'18 against 8.336 MnT in previous month.