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India's finished steel exports declined by 26% m-o-m in Apr '21-Govt. data

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7 May 2021, 15:50 IST
India's finished steel exports declined by 26% m-o-m in Apr '21-Govt. data

Indian finished steel exports were recorded at 0.951 mn t in Apr '21, marking a de-growth of 26% m-o-m against 1.292 mn t in Mar '21; according to provisional data released by JPC (Joint Plant Committee).

The second-wave of COVID-19 in India weighed on the buying interest of a few importing nations as the ships were required to be quarantined for 14 days before getting approval for being berthed.

Meanwhile, on a yearly basis, India's finished steel exports reported a considerable increase of 122% against 0.429 mn t in Apr '20. Mills shifted their focus to exports over dried demand in the domestic market upon the announcement of a complete lockdown in India. Vietnam, China, UAE and Nepal actively imported HRC from India last year.

Finished steel imports slumped by 27% m-o-m in Apr '21-

In Apr '21, India's finished steel imports plummeted 27% m-o-m to 0.364 mn t in comparison with 0.500 mn t in Mar '21. However, the same declined by 11% y-o-y in comparison with 0.407 mn t in the year-ago period.

Imports are not viable at the moment due to increased prices in the global market.

Crude steel output dropped by 21% m-o-m in Apr '21-

During Apr '21, crude steel output was 7.958 mn t, down by 21% from 10.027 mn t in Mar '21.

However, the Indian crude steel production increased by 142% y-o-y basis against 3.292 mn t in Apr '20.

Finished steel consumption declined by 26% m-o-m in Apr '21-

The Indian domestic steel consumption was 6.725 mn t in Apr '21, down by 26% m-o-m against 9.052 mn t in Mar '21.

The adverse impact of the lockdown and increases rate of infection cases on the domestic demand across auto and consumer durable sectors led to a fall in consumption in Apr '21.

However, finished steel consumption registered 516% y-o-y growth in Apr '21 compared to 1,091 mn t in the corresponding period of FY '20. Resumed buying activities of auto and consumer goods and commencement of Govt. projects resulted in growth in consumption last year.

India's finished steel exports declined by 26% m-o-m in Apr '21-Govt. data

 

7 May 2021, 15:50 IST

 

 

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