India's finished steel export decreases over 33 per cent in Apr-Jun 2018
The Joint Plant Committee (JPC) under under the Ministry of Steel in its report has stated that India's finished steel export has decreased by 33.7 percent compare to the same quarter a year ago. The country exported 1.351 million tonnes (MT) during the first quarter of the current fiscal, while during the same quarter a year ago the country had exported 2.037 MT finished steel.
The JPC report stated, "At 1.351 MT, export of total finished steel was down by 33.7 per cent in April-June 2018 over same period of last year" while in the same quarter import grew by 10.9 per cent to 1.893 MT compare to 1.707 MT in the year-ago period. The total output of finished steel for sale in April-June 2018 quarter stood at 26.720 MT, up 4.4 per cent from 25.605 MT produced in the same quarter last year.
The JPC report further stated that the consumption of total finished steel saw a growth of 8.4 per cent in April-June 2018 at 23.422 MT over same period of last year.
The Union Cabinet has given its approval for National Steel Policy (NSP) 2017 in May last year. The NSP 2017 aspires to achieve 300MT of steel-making capacity by 2030 which translate into additional investment of Rs. 10 lakh crore by 2030-31 by the Government.
@EPC World Media