Domestic finished steel export surges 36%, import 62% in Aug

India's total export of finished steel in August jumped 36 per cent to 0.923 million tonne, official data showed.

In the same month last year, the corresponding figure was 0.679 million tonne (mt).

During April-August of 2017-18, the export of finished steel went up 57.1 per cent to 3.73 mt, from 2.37 mt in the year-ago period, the Joint Plant Committee (JPC) has said in its latest report.

The import during last month at 0.955 mt was higher by 62 per cent year on year.

The import of finished steel during April-August came in at 3.458 mt, up 15.9 per cent, as against 2.983 mt in the previous year.

"India was a net importer of total finished steel in August 2017, but maintained its net exporter status for the cumulative period, i.e. April-August 2017," the report said.

At 7.41 mt, India's consumption of finished steel in August was higher than last year by 4.6 per cent.

In April-August, the consumption of finished steel saw a growth of 4.4 per cent at 35.329 mt as against 33.829 mt during the same period last year "under the influence of rising production for sale and imports", it said.

Empowered by the Ministry of Steel, the JPC is the only institution in the country that collects data on the Indian iron and steel industry.

India, the third-largest global producer of crude steel, after China and Japan, is now aiming to take the second spot.

The steel ministry has set an ambitious target of taking the country's steel output to 300 mt by 2030-31 from 100 mt at present and is taking various steps in this regard. The government has approved the National Steel Policy 2017 (NSP) too.

It has given nod to another policy for providing preference to domestically manufactured iron and steel products in government procurements.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

TAGS:

Economy