Steel Imports Dipped for the First Time in 8 Months

India’s steel exports totalled 570,000 tonnes in February 2020, as against the exports of 619,000 tonnes during the same month a year before.

SEATTLE (Scrap Monster): The government data released yesterday suggests notable decline in steel exports by the country during the month of February this year. The exports recorded decline for the first time in almost eight months. The export decline is mainly attributed to reduced demand from European countries and South East Asian countries due to coronavirus outbreak.

India’s steel exports totalled 570,000 tonnes in February 2020, as against the exports of 619,000 tonnes during the same month a year before. Over the year, the exports registered nearly 8% decline.

ALSO READ: India Steel Exports to the U.S. Collapsed by 42%

Arnab Kumar Hazra, assistant secretary general, Indian Steel Association noted that demand evaporated from all importing nations across the globe, mainly due to general decline in industrial and manufacturing activity. However, the country remained a net exporter during the eleven-month period (Apr ’19 to Feb ’20) of the fiscal year, he said.

Meantime, the domestic steel consumption dipped to the lowest level in four months, in tandem with the slowdown in economic activity in the country. Also, the finished steel output by the country hit a two-month low in February this year, totalling 8.56 million tonnes. The spread of coronavirus has capped domestic steel prices. Many domestic steelmakers are currently planning to implement production cuts, sources said.

• Topsham Scrap Metal Company Fined $42,000 After Alleged Clean Air Act Violation
• Alaska’s Top Court Reviews Permits for Donlin Gold Mine
• Michigan EGLE Awards $1 Million in Brownfield Funding for Redevelopment of Two Landfills
• DS Smith Wins AF&PA Sustainability Award for Innovative Interpreters Program