India’s steel consumption down 38% in Apr-Aug, revival seen recently

Tuesday, 22 September 2020 14:17:17 (GMT+3)   |   Kolkata
       

India’s steel consumption in the April-August period this year was 26.41 million mt, down 38 percent from the corresponding period of the previous year, steel minister Dharmendra Pradhan has informed the India parliament, citing data from the Joint Plant Committee (JPC), the sole official compiler of industry data under the steel ministry. The declining pace has slowed down from a 42 percent fall in the April-July period, indicating a demand revival, which is expected to continue in September-November.

Total finished steel production in India in the April-August period amounted to 29.05 million mt. Imports in this period came to 1.67 million mt, while exports were estimated at 5.68 million mt, making the total availability of finished steel in the local market reach 25.04 million mt. Exports posted a decline in the past two months and will likely go down further due to higher domestic consumption.


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