India saw a remarkable year-on-year increase in January with regards to steel exports. They saw a three-fold increase to 0.0889MT of steel exported in the winter month. The result almost unquestionably comes primarily as a result of the government introducing measures to protect domestic production, amid fears of overseas trade exploitations, mainly in the way of other countries dumping cheap steel.
The country shipped out 5.865MT in the first 10 months of the ongoing fiscal, registering an increase of 71 per cent. “Exports in January 2017 (0.889 mt) was up 224 per cent over January 2016 and was up by 19 per cent over December 2016,” according to Joint Plant Committee data. The country’s steel export in January 2016 was 0.274 mt, the data further revealed.
“Export of total finished steel was up by 71.1 per cent in April-January 2016-17 (5.865 mt) over the same period of last year,” the data showed. Imports of total finished steel declined by 37.8 per cent to 6.097 mt in April-January 2016-17 over the same period of last fiscal.
Imports in January (0.602 mt) was down by 41.7 per cent over January 2016 and by 21 per cent over December 2016.
During April-January 2016-17, crude steel production was at 80.716 mt, registering a growth of nine per cent over the same period of last fiscal.
Overall crude steel production in January 2017 stood at 8.367 mt which was up by 11.5 per cent over January 2016 but declined by 0.4 per cent over December 2016.
It’s going to be fascinating to see the year-on-year result of 2017 compared with 2016.
Source: MetalJunction, 2017