Steel exports surge 142%, imports down 23% in April

Posted by Daily Shipping Times on 17-05-2017        Tweet

NEW DELHI: Overtaking imports, India's steel exports jumped by 142 per cent in April to 0.747 million tonnes (mt) as compared to 0.308 mt in the same month last year, said a Steel Ministry report.

Steel imports were down by 23 per cent to 0.504 mt in the last month from 0.654 mt imported in the corresponding month of the last financial year (FY).

"Export of total finished steel was up by 142 per cent in April 2017 to 0.747 mt over April 2016 and declined by 54 per cent over March 2017. Import of total finished steel at 0.504 mt in April declined by 23 per cent over April 2016 and also declined by 16 per cent over March 2017. India was a net exporter of total finished steel in April 2017," said the report of Joint Plant Committee.

CRISIL Research, however, said in a report, that "the Government's vision of adding 182 mt of new capacities over the next 14 years seems unlikely, given that only 60 mt of capacity was added in the past decade".

"Further, stagnant demand in past five years has impacted utilisation, and also aggravated the debt position of the steel sector," it said.

The research agency expects 24-26 mt of steel capacities to be added over the next five years, leading to aggregate steel capacity to rise to 140-145 mt by 2021-22.