India’s crude steel output decreased by 3pc to 9.33mn mt in January from the prior month, according to official data. In Apr-Jan, steel output remained flat at 91.52mn mt from the prior year period.
Finished steel consumption in India increased by 6pc to 8.79mn mt in January from 8.29mn mt in December. In Apr-Jan 2020, India’s finished steel consumption rose by 4pc to 83.84mn mt from the prior year period.
India’s finished steel import increased by 9pc to 0.48mn mt in January from the prior month. Indian stockist preferred to procure material from the domestic mills owing to competitive prices compared to imports. Indian stockist and dealers avoided booking imported material amid rumours that the government might impose safeguard duty on steel imports. In Apr-Jan, India’s finished steel imports increased 8pc to 5.99mn mt from the prior year period.
India’s finished steel export dipped in January by 10pc to 0.69mn mt from the prior month. This can be attributed to steel mills preferring to sell material locally as stockist and dealers refilled their inventories. However, in Apr-Jan period, India’s export of finished steel improved by 40pc to 7.21mn mt from the prior year.