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In July Import Increases and finished Steel Export Rises By 6% in India

Steel ExportsIn July 2017 finished steel export in India increased by 64.2% and reached to 0.770 million tonnes (mt) from 0.469 mt in July 2016. In July 2016 to this year July, there is an increase in the imports of finished steel by 42.2% and grew from 0.561 mt to 0.798 mt,

By a report by Joint Plant Committee (JPC), above data was published and on the steel and iron industry of the nation, it collects data. On this industry, JPC is the only organization that collects data and is backed by the Ministry of Steel.

In July 2017, the net importer of total finished steel was India, but during April-July 2017 maintained its net exporter status for the cumulative period, said by the report.

The export of total finished steel surged up by 65.5% during the said period of April-July 2017 and reached 2.807 mt from the 1.696 mt recorded when compared with the same period in last year, as per the data.

The import of total finished steel was at 2.505 mt the same period and was which was 4.7% higher from 2.393 mt in April-July 2016. There is an increase in the total finished steel consumption by 3.7% reaching 6.905 mt in July 2017 from 6.660 mt recorded in July last year.

In July 2017 by 4.2%, the overall consumption fell down, said by the report when compared with consumption of 7.210 mt in June 2017.

In April-July 2017, the consumption of total finished steel increased by 4.4% from26.736 mt in April-July 2016 to27.911 mt. The main reason for this increase is due to the increase in production for sale and imports.

After China and Japan, for the production of crude steel, India is the third-largest producer and now planning to go to the upper next place.