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India's finished steel imports fall 3.6% m-o-m in Oct'24: JPC

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BigMint Bureau

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7 Nov 2024, 18:42 IST

India's finished steel imports fall 3.6% m-o-m in Oct'24: JPC

Steel exports grow m-o-m in Oct'24

Crude steel, finished production up

India's finished steel imports fell by 3.6% m-o-m in October 2024 to 0.980 million tonnes (mnt) compared to 1.017 mnt in September 2024, as per data from the Joint Plant Committee (JPC). This marks a 34.3% y-o-y increase from 0.730 mnt recorded in October 2023.

From April to October 2024, finished steel imports rose by 40.8% y-o-y, totalling 5.715 mnt compared to 4.059 mnt in the same period last year.

Finished steel exports grow m-o-m

India's finished steel exports increased by 11.6% m-o-m to 0.442 mnt in October 2024 from 0.396 mnt in the previous month. Also, this marks an increase of 50.9% y-o-y from 0.293 mnt in October 2023, according to provisional data from JPC.

The cumulative export volume for April-October 2024 declined by 29.3% y-o-y to 2.753 mnt, compared to 3.896 mnt during the same period last year.

Crude steel production increases m-o-m

Crude steel production in October 2024 increased by 4% to 12.188 mnt from 11.722 mnt in September. This output is consistent with the same period last year.

For the April-October 2024 period, cumulative crude steel output increased by 3% y-o-y to 84.944 mnt, compared to 82.471 mnt in the same period the previous year.

Finished steel production rises m-o-m

India's finished steel production rose 4.1% m-o-m in October 2024 to 12.030 mnt compared to 11.553 mnt in September 2024. This represents a 2.7% y-o-y growth from 11.712 mnt in October 2023.

For the period of April-October 2024, cumulative finished steel production grew by 4.4% y-o-y to 82.651 mnt, up from 79.135 mnt during the same period the previous year.

Finished steel consumption increases m-o-m

In October 2024, finished steel consumption in India rose by 5.9% m-o-m to 13.017 mnt, up from 12.288 mnt in September 2024. On a y-o-y basis, consumption increased by 9%, compared to 11.939 mnt in October 2023.

The total finished steel consumption for April-October 2024 climbed to 85.714 mnt, marking a 12.8% increase from 76.012 mnt recorded during the same period the previous year.