MCX COMMODITY OPTIONS TIPS : Steel exports jump 142% to 0.747 mn tonnes in April 22/05/2017

Steel exports jump 142% to 0.747 mn tonnes in April 22/05/2017

Steel exports jump 142% to 0.747 mn tonnes in April
22/05/2017

Steel exports saw a 142 per cent jump in April to 0.747 million tonnes (MT) over the corresponding month a year-ago, amid steps to safeguard domestic industry.The government has provided extensive support to domestic steel industry by way of various trade remedial measures including anti-dumping.
"Export of total finished steel was up by 142 per cent in April 2017 (0.747 MT) over April 2016 and declined by 54 per cent over March 2017,"
Joint Plant Committee, a body under the Ministry of Steel said in its latest data.Import of total finished steel saw a dip of 23 per cent in April to 0.504 MT over the corresponding month a year-ago. Imports during the month also declined by 16 per cent over March 2017.
"India was a net exporter of total finished steel in April 2017," the report said.
Production for sale of total finished steel at 8.43 MT registered a growth of 8.7 per cent during April 2017 over April 2016 but was down by 8.6 per cent over March 2017.SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 4.786 MT during April 2017 which was a growth of 11 per cent over April 2016.The rest of the 4.478 MT steel produced during the month came from the other producers, which was a growth of 6 per cent over April 2016.
"India's consumption of total finished steel saw a growth of 3.4 per cent in April 2017 at 6.015 MT over April 2016 but declined by 22 per cent over March 2017, under the influence of a declining supply side as both production for sale and imports declined in April 2017 over March 2017," the report said.During the month, crude steel production was 8.107 MT, a growth of 5.4 per cent over April 2016 but was down by 2.7 per cent over March 2017.

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