India's finished steel imports fall by 24% m-o-m in Jun'24: JPC

• Crude steel production remains stable
  
  
• Finished steel production increases
  
  
• Finished steel consumption decreases
  
  

Finished steel imports into India fell by 23.7% m-o-m to 0.551 million tonnes (mnt) in June 2024 as compared to 0.722 mnt in May 2024. However, imports rose by 13.8% y-o-y from 0.484 mnt in June 2023.

In April- June, imports increased by 29.6% y-o-y to 1.859 mnt against 1.435 mnt in the same period last year.

Finished steel exports decline

In June, India's finished steel exports declined by 20.2% m-o-m to reach 0.343 mnt, compared to May's 0.430 mnt. Exports y-o-y fell by 31.7% from 0.502 mnt recorded in June of the previous year, as per provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel.

The cumulative export volume for April-June showed a fall of 37.7% y-o-y to 1.278 mnt compared to 2.050 mnt in the same period a year ago.

Crude steel production stable m-o-m

Crude steel production remained stable m-o-m at 12.258 mnt in June. Moreover, production displayed y-o-y growth of 6%, surpassing 11.564 mnt in June 2023. In April-June, cumulative crude steel output remained positive, registering a 4.6% y-o-y increase. Production reached 36.606 mnt in the said period against 35.007 mnt in the same period of previous year.

Finished steel production increases

India's finished steel production increased by 1.2% m-o-m to 12.060 mnt in June compared to 11.923 mnt in May 2024, while maintaining robust growth y-o-y of 9.1%, surpassing 11.058 mnt in June 2023.

For the period of April-June, cumulative finished steel production registered a 7% y-o-y increase. Production reached 35.772 mnt compared to 33.427 mnt in the same period of the previous year.

Finished steel consumption declines

India's finished steel consumption declined by 1% in June reaching 12.009 mnt from 12.129 mnt in May 2024. On a y-o-y basis, consumption grew by 19.1% compared to 10.081 mnt in June.

This strong performance extended to the period of April-June 2024 when total finished steel consumption climbed to 35.421 mnt, a 14.9% increase from 30.833 mnt recorded during the same period of the previous year.