Posted on 08 Sep 2022
India's finished steel exports edged up on the month in August, but were still around near multi-year lows because of the imposition of export duties.
Exports of finished steel in August rebounded from the three-year low touched in July, rising by 19.5pc on the month to 454,000t. But they were still down by two thirds on the year, data from the steel ministry's joint plant committee (JPC) show. August exports were close to April 2020 levels.
Finished steel imports were little changed on the month, but up by 11.8pc on the year, at 442,000t. India was a net importer of steel in July for the first time since January 2021. Finished steel comprises alloyed and non-alloyed steel.
The 15pc export tax on steel products imposed in late May and subdued global demand have kept shipments in check, while imports have edged up on lower-cost offers from Russia and South Korea.
Finished steel exports in April-August dropped by 52.7pc on the year to 3.02mn t, while imports rose by 4.8pc to 2.06mn t.
Production of finished steel rose by 2.1pc on the month and 4.2pc on the year to 9.74mn t in August, while consumption rose by 3pc on the month and 13.1pc on the year to 9.31mn t.
April-August consumption rose by 11.1pc on the year to 45.8mn t, while production increased by 8.2pc to 48.3mn t.
Crude steel production in August rose by 1.8pc on the year and 1.9pc on the month to 10.3mn t. Hot metal production fell by 2.8pc on the year to 6.45mn t, while pig iron output fell by 4.2pc to 469,000t.
Crude steel production in April- August rose by 7.4pc on the year to 51.4mn t and hot metal output climbed by 0.4pc to 32.4mn t. Pig iron production fell by 6.2pc to 2.44mn t.
| India steel | 000t | |||||
| Aug-22 | Aug-21 | ±% | Apr-Aug 22 | Apr-Aug 21 | ±% | |
| Finished steel | ||||||
| Production | 9,736.00 | 9,341.00 | 4.2 | 48,273.00 | 44,607.00 | 8.2 |
| Consumption | 9,308.00 | 8,227.00 | 13.1 | 45,821.00 | 41,255.00 | 11.1 |
| Exports | 454 | 1,331.00 | -65.9 | 3,024.00 | 6,400.00 | -52.7 |
| Imports | 442 | 396 | 11.8 | 2,058.00 | 1,963.00 | 4.8 |
| Crude steel production | ||||||
| SAIL | 1,437.00 | 1,528.00 | -6 | 7,162.00 | 6,798.00 | 5.4 |
| TATA Steel | 1,690.00 | 1,564.00 | 8 | 8,378.00 | 7,848.00 | 6.8 |
| AM/NS + JSW + JSPL | 2,769.00 | 2,645.00 | 4.7 | 13,843.00 | 12,924.00 | 7.1 |
| RINL | 284 | 446 | -36.3 | 1,544.00 | 2,292.00 | -32.6 |
| Others | 4,085.00 | 3,902.00 | 4.7 | 20,424.00 | 17,967.00 | 13.7 |
| Total | 10,264.00 | 10,086.00 | 1.8 | 51,350.00 | 47,828.00 | 7.4 |
| — JPC | ||||||
Source:Argus Media
