According to Mining News Pro -According to provisional data released by Joint Plant Committee (Govt. of India), India has exported 0.701 MnT finished steel in Aug’18 up significantly by 36% on monthly basis in comparison to 0.516 MnT in Jul’18.
Indian mills actively booked HRC for export to Vietnam and Nepal in the month of July for which deliveries were to be made in August. Indian mills were seen exploring overseas market for rebar exports amid dull domestic demand over monsoons.
However on yearly basis the same registered drop by 24% in Aug’18 against Aug’17. During Apr-Aug’18 nation’s finished steel exports stood at 2.567 MnT, down by 31% as compare to similar time frame of previous year.
Indian steel mills had cut domestic prices by around INR 700-1000/MT in month of August amid dull domestic demand.
India’s finished steel imports drop by 12% M-o-M in Aug’18- Indian finished steel imports stood 0.671 MnT in Aug’18, decline by 12% against 0.759 MnT in Jul’18. Also on yearly basis the same plunged by 33% in Aug’18 over Aug’17.
During Apr-Aug’18, nation’s finished steel imports was at 3.328 MnT (Apr-August) less by 5% over similar time frame of previous year.
Major exporting nations like Japan ,South Korea and China are focusing on domestic sales over exports amid strong demand in their domestic market thus having limited allocations for export.This results to fall in imported volumes of steel to India.
India’s crude steel output remain largely stable in Aug’18 - India’s crude steel output remain largely stable on monthly basis in Aug’18 over previous month.Nation reported 8.778 MnT crude steel output in Aug’18 as compared to 8.731 MnT in Jul’18.
However on yearly basis the same rose by 3% in Aug’18 over corresponding month of previous year.
SAIL, RINL, TSL, Essar, JSWL & JSPL together produced 26.192 MnT crude steel during Apr-Aug’18 higher by 11% compared to similar time frame of previous year.
India’s consumption of finished steel increases by 10% M-o-M in Aug’18- India’s finished steel consumption rose by 10% M-o-M to 8.336 MnT in Aug’18 as compared to 7.56 MnT in Jul’18.Also on yearly basis the same went up by 7.2% in Aug’18 over Aug’17.
India’s consumption of total finished steel saw a growth of 7.9% in April - Aug 2018.