India's finished steel exports dropped by over 39pc in May while domestic consumption rose compared to a year ago, with recent export duties levied by the government expected to weigh on shipments going forward.
Finished steel consumption in May rose by 20pc on the year to 9.45mn t, while production rose by 15pc against the previous year to 9.73mn t, provisional data from the steel ministry's Joint Plant Committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel.
Finished steel consumption in April-May rose by 10.1pc on the year to 18.5mn t, while production climbed by 7.7pc against the previous year to 19.11mn t.
Exports of finished steel in May fell to 749,000t, while imports dipped by 3.5pc on the year to 379,000t. April-May exports declined by 32pc on the year to 1.49mn t.
Domestic steel consumption and production had suffered in May last year because of disruptions from the second wave of Covid-19. Steel exports had risen during last May as mills increased shipments because of weak domestic market activity.
India's exports are expected to decline further on the back of the export duties imposed on 22 May, although alloy steel and semis shipments, which are not taxed, may pick up pace.
India's May crude steel production rose by 17pc on the year to 10.6mn t. Hot metal production rose by 8.6pc against the previous year to 6.88mn t, while pig iron production fell by 3.4pc to 573,000t.
Crude steel production in April-May rose by 11.5pc on the year to 20.7mn t, while hot metal output climbed by 7pc on the year to 13.6mn t and pig iron production inched up by 2.8pc to 1.17mn t.
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