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Finished steel imports rise to 17%, exports fall over 23% in October

Dec 3,2018

According to the Joint Plant Committee, India's finished steel exports fell by 23.4 percent to 0.596 million tonnes (MT) in October 2018. Joint Plant Committee (JPC), the only institution that collects and maintains data on the Indian steel and iron sector, said in its latest report that during the same month a year ago the country had exported 0.778 MT of finished steel.

 

" Exports stood at 0.596 MT in October 2018, down by 23.4 percent over October 2017 and was up by 3.8 percent over September 2018," it said. As against exports, the imports grew to 0.706 MT by 17.3 percent in October 2018 from 0.602 MT in the year-ago period.

 

The country's finished steel output was 6.1 percent higher at 11.029 MT in October from 10.398 MT in the same month of 2017. During October, Joint Plant Committee said, the consumption of finished stood at 8.315 MT 2018, up by 8.4 percent over 7.672 MT in October 2017.

 

Steel Minister Chaudhary Birender Singh had earlier said that India should form JVs (joint ventures) with global leaders for technological know-how to cut down its dependence on special steel product imports through value addition.

 

"PSUs when they have advantages like captive mines why don't they utilize it why not to put up washeries why not to go for value addition special grades of steel," Singh had said, stressing upon the need to limit imports.

 

India is still dependent on imports for some products despite being the world's second-largest producer of steel, and there is a need to develop technologies to produce auto grade and electrical grade steel to become self-sufficient, he had said.