Steel Consumption in India Grew by 4.6%

Consumption of Steel in India grew by 4.6% to nearly 21 million tonnes in the first quarter of the current fiscal over the same period in 2016 while the country's Steel exports jumped by nearly 66% in the April-June period, according to latest government data.

The Ministry's study also pointed out overall consumption at 7.204 million tonnes in June was down by 4% over the previous month and was up by 5.3% over corresponding month last year.

Export of total finished Steel was up by 65.9% in April-June 2017 at 1.387 million tonnes over same period of last year. Overall exports in June 2017 at 0.648 million tonnes was up by 0.9% over May 2017 but was up by 20.2% over June 2016," said the report of Joint Plant Committee.

Meanwhile, the import of total finished Steel at 1.715 million tonnes in June quarter declined by 6.4% over same period in 2016.

Overall imports at 0.653 million tonnes in June was up by 17% over May and increased year-on-year by 3.2% over same month last year (June 2016).

India was a net exporter of total finished Steel in April-June 2017, the report said.

Production for sale of total finished Steel at 26.309 million tonnes, registered a year-on-year growth of 6.7% during April-June 2017 and overall production for sale of total finished Steel in June was at 8.826 million tonnes, down by 2% over May 2017 and up by 7.5% over June 2016.