India’s Finished Steel Output Surged 4.5%, Says JPC

SEATTLE (Scrap Monster): The recent report released by the Joint Plant Committee (JPC) under the Indian Steel Ministry indicates modest surge in production and consumption of finished steel by the country during the initial three quarters (Apr-Dec ’18) of the current fiscal year.

According to the report, the Indian finished steel production climbed higher by 4.5% over the previous fiscal to 97.358 million tonnes (mt). Also, the country’s consumption totaled 71.862 mt, which is higher by 8.4% upon comparison with the previous year. The country remained a net importer of finished steel during Apr-Dec ’18. The imports witnessed marginal reduction by 3.1% over the year to total 5.908 mt. Meantime, the exports during this period nosedived by more than 38% to 4.675 mt over the same period last fiscal.

The top six steel producers during this period were Steel Authority of India (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd (TSL), Essar, JSW Ltd and Jindal Steel and Power Ltd (JSPL). The combined output by the above producers totaled 54.154 mt, accounting for nearly 56% of the total production by the country. The output grew by 6.2% over the year. The output by rest of the producers registered a growth of 2.4%.

The JPC data indicates that the country produced 11.422 mt of finished steel in the month of December alone. The monthly consumption totaled 8.339 mt. The imports and exports stood at 0.548 mt and 0.367 mt respectively.