Source: Mysteel Global
Joint Plant Committee (JPC) released its provisional data for Jan'20 today. According to the released data, India's finished steel exports declined by 10% M-o-M basis to 0.693 MnT in Jan’20 as compared to 0.767 MnT in Dec'19.
Amid sharp hike in domestic prices & improved demand, mills focussed more in the domestic market. Indian steel mills raised HRC export offers to Vietnam in Jan’20 following hike in domestic steel prices. Thus, buyers in Vietnam preferred competitive offers from other exporting nations.
However, the same accounted for 7.213 MnT during (Apr-Jan) FY'20, surged by 40% in comparison with 5.150 MnT in the corresponding period of FY'19.
India finished steel import rises by 9% in Jan'20
On a monthly premise, the nation's finished steel imports increased by 9% to 0.477 MnT in Jan'20 over 0.437 MnT in Dec '19.
SteelMint earlier reported, at the beginning of Dec’19, Indian stockist booked around 25,000 MT of HRC (base grade along with thinner size of 1.6-2mm) from South Korea's Hyundai Steel at around USD 480/MT CFR India for Jan end - Feb shipments.
During (Apr-Jan) FY'20, India imported 5.991 MnT of finished steel move down by 8% in comparison with 6.547 MnT in the same time frame of the previous fiscal. Competitive domestic prices as compared to the landed cost of imports, sluggish demand in the local market resulted in lower imports last year. Also, stockists and importers kept themselves away from making import bookings amid rumors on the imposition of safeguard duty.
India crude steel output remains majorly stable in Jan’20
Indian steel producers churned out 9.328 MnT of crude steel in Jan’20 remaining stable on a monthly premise as against 9.591 MnT in Dec'19.
During (Apr-Jan) FY'20, crude steel production accounted for 91.521 MnT, largely stable as compared with 91.457 MnT in a similar time frame of the preceding fiscal.
India’s consumption of finished steel up by 6% in Jan '20
India’s finished steel consumption ascended by 6% M-o-M and stood at 8.788 MnT in Jan’20 as compared with 8.290 MnT in Dec'19.
Meanwhile, the nation’s finished steel consumption moved up by 4% and stood at 83.837 MnT in (Apr-Jan) FY '20 as compared to 80.816 MnT in the same time frame of the previous fiscal.