In May 2017 by 69% to 0.641 million tonnes (MT) The steel export of India increased when compared with the export of steel in the same month of last year. By 2.4% in May this year the steel import of India also rose when compared with the import of May 2016. This is calculated by the data published in a report by the steel ministry.
In April-May 2017 by 102 per cent to 1.387 MT, the Export of total finished steel was up over the same period last year, also revealed by the report. Over April 2017 Overall export in May at 0.641 MT was down by 14.1 percent but over May 2016, was up by 69 percent.
When compared with imports in the same period last year, in April-May 2017, the total finished steel import reached 1.062 MT which was less by 11.4%. . in May 2017 Overall imports at 0.558 MT was up by 10.7 percent over April 2017 and was up by 2.4 percent over May 2016,” as per the report.
In India, in April-May 2017 the total consumption of finished steel was at 13.785 MT which was 4.2% higher and in comparison with the same period last year. The increase in production of steel is the main reason for this rise. In May 2017, the overall steel consumption was at 7.491 MT which was 1% higher than the consumption in the same month last year.
In May 2017, the production total finished steel for selling was at 9.066 MT which showed a growth of 4.4 % from the production in the same month of last year. When compared with production in April 2017, the production increased by 7%.
The Union Cabinet finalized the National Steel Policy 2017 last month and as per the report by 2030-31 the crude steel capacity will reach 300 MT, finished steel per capita consumption will reach 158 kg which is currently only 61 kg and production will reach 255 MT. the investment of Rs.10 lakh crore into steel sector also stated by this policy.