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India to be a net exporter of steel this year: Research

India to be a net exporter of steel this year: Research
Issue Time:2017-03-14
India to be a net exporter of steel this year as finished steel production growth
reaches an all­time high in February but domestic consumption remains tepid, broker company
Emkay Research said in a report today.
According to the provisional data furnished by the Joint Plant Committee (JPC), finished steel
production grew significantly by 13% year­on­year in the month of February, to 8.8 mt.
Maximum production growth was seen by Tata Steel, followed by SAIL, RINL, JSW and then
JSPL. JSW and JSPL grew at a consolidated level by 19% to 52 mt.
While imports fell by 46.1% YoY in the same month on the back of protectionist measures
taken by the government, exports continued to rise and almost doubled on a year­to­date
basis to 6.6 mt from 3.7 mt in the previous year.
Despite an optimistic sentiment, consumption for finished steel remained low at 7.3 mt, growing only by 3% YoY. Owing to the low
domestic demand, manufacturers are being encouraged to export.
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