India's steel exports rise over 16% m-o-m in Aug'24, imports register slower growth - JPC

• Crude steel production stable, finished steel output rises
  
  
• Finished steel consumption up nearly 4% m-o-m
  
  

According to the Joint Plant Committee (JPC) under the Ministry of Steel, India's finished steel exports increased by 16.3% m-o-m to 0.343 million tonnes (mnt) in August 2024 from 0.295 mnt in July. However, exports decreased by 33% y-o-y from 0.512 mnt in August 2023, according to provisional data from JPC.

The cumulative export volume for April-August 2024 declined by 39.7% y-o-y to 1.915 mnt compared to 3.173 mnt during the same period last year.

Finished steel imports grow at slower pace

India's finished steel imports surged 0.7% m-o-m in August reaching 0.756 mnt compared to 0.751 mnt in July. This marks a 3.9% y-o-y increase from 0.728 mnt recorded in August 2023.

From April to August 2024, finished steel imports rose by 24.3% y-o-y, totalling 3.450 mnt compared to 2.776 mnt in the same period last year.

Crude steel production stable m-o-m

August 2024 saw a marginal change in crude steel production, with output remaining stable at 12.288 mnt compared to the previous month. This figure marks a 2.6% y-o-y growth from August 2023's 11.974 mnt.

For the April-August 2024 period, cumulative crude steel output increased by 4.4% y-o-y to 61.083 mnt compared to 58.485 mnt in the same period of last year.

Finished steel production up m-o-m

India's finished steel production increased by 1.8% m-o-m in August 2024, reaching 11.871 mnt compared to 11.661 mnt in July 2024. This represents a 3.5% y-o-y growth from 11.472 mnt in August 2023.

For the period April-August 2024, cumulative finished steel production grew by 5.3% y-o-y to 58.873 mnt, up from 55.914 mnt during the same period the previous year.

Finished steel consumption increases m-o-m

In August, finished steel consumption in India rose by 3.8% m-o-m, reaching 12.529 mnt, up from 12.069 mnt in July. Y-o-y, consumption increased by 10% compared to 11.389 mnt in August 2023.

Total finished steel consumption in April-August 2024 climbed to 60.263 mnt, marking a 13.8% increase from 52.954 mnt recorded during the same period of last year.