Steel consumption grows 4.6%, exports up 66% in April-June

Kolkata, July 10 (IANS) India's steel consumption grew by 4.6 per cent to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66 per cent in the April-June period, a Ministry report said.

"India's consumption of total finished steel saw a growth of 4.6 per cent in April-June 2017 at 20.999 mt (million tonne) over same period of last year, under the influence of a rising production for sale," the report said.

The Ministry's study also pointed out overall consumption at 7.204 mt in June was down by four per cent over the previous month (May 2017) and was up by 5.3 per cent over corresponding month (June 2016) last year.

"Export of total finished steel was up by 65.9 per cent in April-June 2017 at 1.387 mt over same period of last year. Overall exports in June 2017 at 0.648 mt was up by 0.9 per cent over May 2017 but was up by 20.2 per cent over June 2016," said the report of Joint Plant Committee.

However, the import of total finished steel at 1.715 mt in June quarter declined by 6.4 per cent over same period in 2016.

Overall imports at 0.653 mt in June was up by 17 per cent over May and increased year-on-year by 3.2 per cent over same month last year (June 2016).

India was a net exporter of total finished steel in April-June 2017, the report said.

Production for sale of total finished steel at 26.309 mt, registered a year-on-year growth of 6.7 per cent during April-June 2017 and overall production for sale of total finished steel in June was at 8.826 mt, down by two per cent over May 2017 and up by 7.5 per cent over June 2016.

SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 15.171 mt during April-June of the current fiscal, which was a growth of 14.4 per cent year-on-year, the report said.

The rest was 13.749 mt coming from the other producers, which was a growth of 0.1 per cent over same period in 2016, it added.

The Union Cabinet had given its approval to the National Steel Policy, 2017 which projected crude steel capacity of 300 mt, production of 255 mt and a robust finished steel per capita consumption of 158 kg by 2030-31, as against the current per capita consumption of 61 kg.

According to the policy, the 300 mt of steel making capacity would translate into additional investment of Rs 10 lakh crore by 2030-31.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)