PTI reported that India's steel imports declined by a whopping 31.3% last fiscal to 5.44 million tonne due to subdued economic growth and exchange rate volatility.
Joint Plant Committee, a unit of the steel ministry, said in a report that "Import of total finished steel showed a southward trend, declining by 31.3% YoY in April to March period of 2013 to 2014 at 5.445 million tonne."
Imports were down in March by 34.2% to 0.437 million tonne compared to the same month a year ago.
JPC said that "Such trends were driven by factors like slowdown in domestic economy, exchange rate volatility, relative prices, global downswing and bilateral agreements among others."
Lower imports helped India remain a net exporter of total finished steel in 2013 to 2014.
Exports were up by 4.1% last fiscal at 5.59 million tonne. JPC said that rupee volatility, different economic conditions, mismatched demand-supply situation during the period helped domestic firms ship more steel abroad.
Indian steel makers produced 85 million tonne finished steel, up 4.1% last fiscal ended March 31st, helped by a 9.5% growth in production by main producers such as SAIL, RINL and TATA Steel.
However, steel consumption growth rate hit the lowest in 4 years at 0.6% to 73.93 million tonne in 2013 to 2014 impacted by slower expansion of the domestic economy and lower imports.
Source:- steelguru.com
No comments:
Post a Comment