Indian Finished Steel Exports Up by 30% in FY'20- Govt Data
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India's finished steel exports aggregated to 8.24 MnT for (Apr-Mar) FY '20, increasing by 30% in comparison with 6.36 MnT in the previous fiscal, according to provisional data released by Joint Plant Committee (JPC).
-- Indian steel mills shifted their interest to exports majorly to Southeast Asian and China owing to slow buying and sluggish demand in the domestic market. In addition to this, buyers in Vietnam were highly attracted to Indian flat steel over cost-effectiveness.
-- However, exports fell 21% on a monthly basis to 0.453 MnT in Mar'20 as compared with 0.570 MnT in the preceding month with many nations across the globe announcing a lockdown as a precautionary measure to curb the spread of COVID-19.
Indian finished steel imports declined by 15% in FY'20- During FY'20, India imported 6.69 MnT of finished steel, down by 15% as compared to 7.84 MnT in the previous fiscal amid slow domestic demand.
-- Also, domestic HRC prices continued to remain at par with imported prices from FTA nations. Meanwhile, the rumours on safeguard duty in Sep-Dec quarter along with the competitive offers in the domestic market weighed on the import volumes.
-- However, imports started to pick up from Jan'20 when domestic prices gained momentum.
-- On a monthly premise, the nation's finished steel imports plunged by 27% to 0.29 MnT in Mar'20 as against 0.40 MnT in the previous month.
Crude steel output down by 2% in FY'20- Crude steel production summed-up to 108.50 MnT, slightly down by 2% as against 110.92 MnT in the preceding fiscal.
-- Indian steel producers churned out 7.39 MnT of crude steel in Mar'20, plunged by 23% on a monthly premise as against 9.56 MnT in Feb'20.
Consumption of finished steel up by 1% in FY '20- India's finished steel consumption moved up by 1% and stood at 100.01 MnT in FY'20 as compared to 98.71 MnT in the previous fiscal.
-- India's finished steel consumption fell by 7% M-o-M basis and stood at 7.33 MnT in Mar'20 as against 7.84 MnT a month ago.
