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Steel exports shoot up by 150% in February, imports decline 46%

Steel exports shoot up by 150% in February, imports decline 46%
The overall crude steel production in February 2017 saw an increase of 8.5% at 8.08 MT. Photo by Reuters.
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The steel exports in February registered a growth of 150% while imports came down by 46%.

The quantum jump in exports comes at a time when the government is providing extensive support to the domestic steel industry by way of trade remedial measures, including anti-dumping.

The consumption of steel in February increased marginally by 3% over the same month in 2016, the latest government data showed.

Exports in February 2017 (at 0.75 million tonne) was up by 150% over February 2016, but declined by 15% over January 2017. Imports in February 2017 (0.49 MT) was down by 46% over February 2016 and by 19% over January 2017.

The overall crude steel production in February 2017 saw an increase of 8.5% at 8.08 MT.

“During April-February 2016-17, crude steel production was 89.08 MT, a growth of 9.3% over the same period last year,” it said.

The consumption of total finished steel saw a growth of 3.4% in April-February at 76.22 MT.

Import of total finished steel at 6.59 MT in the first 11 months of 2016-17 declined by 38.5% over the year-ago period.

“Export of total finished steel was up by 77.6% in April-February 2016-17 (6.62 MT) over the same period of last year,” the data showed.

 

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