Finished Steel Exports Surged Two-Fold Until July

SEATTLE (Scrap Monster): The finished steel exports from India surged higher by over two-fold during the period from April to July this year. At the same time, imports dropped by nearly 42%. This is in accordance with the latest trade statistics published in the Joint Plant Committee (JPC) report.

The country exported 4.64 million tonnes of finished steel during the above mentioned period, as compared with 1.93 million tonnes during the corresponding period a year before. China emerged as the major buyer, with purchases of nearly 1.37 million tonnes from India. China was followed by Vietnam, with around 1.3 million tonnes of purchases from India, JPC data said.

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On the contrary, the country’s imports of finished steel recorded notable decline by nearly 42% year-on-year to total 1.50 million tonnes during April-July ’20. This compares with the imports of 2.59 million tonnes a year before. The imports of total finished steel from China registered a decline by 21.7% during this period.

Meantime, the Indian finished steel production dropped by almost 40% to 21.15 million tonnes, whereas the consumption fell by 43.3% to 18.91 million tonnes, as compared with the same period of the previous fiscal.