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.