Steel exports surge 150% in Feb, overtake imports

Overtaking imports, India`s steel exports jumped by 150% in February over year-ago month and the country shipped out 6.622 million tonnes (mt) of steel in April-February period of the current fiscal, up by 77.6% over the same period last year, a steel ministry report said.

"Export of total finished steel was up by 77.6% in April-February 2016-17 at 6.622 mt over same period of last year. Exports in February were up by 150% over February 2016 but declined by 15% over January 2017," said the report of Joint Plant Committee.

Imports of total finished steel in the first 11 months of the current fiscal declined by 38.5% to 6.591 mt over same period of last year and in February only, imports were at 0.491 mt, down by 46% over same month last year.

"Given such trends in export-import, India emerged as a net exporter of total finished steel during February 2017 as well as April-February 2016-17," the report said.

According to it, India`s consumption of total finished steel at 76.229 mt saw a growth of 3.4% in April-February period in 2016-17 over same period of last year. Consumption in February, 2017 at 7.334 mt was up by 3% over corresponding month last year and but declined by 0.2% over January, 2017.

Production for sale of total finished steel at 91.846 mt, registered a growth of 11.1% during April-February in 2016-17 over same period of last year.

Overall finished steel production for sale at 8.838 mt in February, 2017 was up by 13% over year-ago month but declined by 2.3% over January 2017," the report added.