Indian Crude Steel Output Up by 5% in May’19- Govt Data
According to provisional data released by Joint Plant Committee (JPC) Indian crude steel output stood at 9.24 MnT in May’19 inched up by 5% as compared to 8.78 MnT in previous month.
However on yearly basis the same moved up by 5% in May’19 over 8.78 MnT in May’18.
During Apr-May’19 nation’s crude steel output stood at 18.02 MnT, up by 3% against 17.4MnT in similar time frame of previous year.
Indian Finished Steel Export Decline 20% in May’19- According to provisional data released by Joint Plant Committee (JPC) India’s finished steel exports (non alloy steel + alloy and stainless steel) stood at 0.318 MnT in May’19 slumped by 20% on monthly basis as compared to 0.397 MnT in previous month.
Indian finished steel exports witnessed fall amid May day festival scheduled in Vietnam. Thus importers based in Vietnam had restocked the material before holidays.
Meanwhile slow demand and higher inventory levels in Nepal had limited fresh HRC export bookings from India for May shipments.
These reasons collectively contribute in lower export volumes from India in May’19.
On yearly basis Indian steel exports (non alloy steel + alloy and stainless steel) plunged by 29% in May’19 as compared to 0.445 MnT in Apr’18.
During Apr-May’19, Indian finished steel export volumes stood at 0.715 MnT, slashed by 30% Y-o-Y over 1.018 MnT in similar time frame of previous year.
India finished steel imports fell by 9% in May’19- India’s finished steel imports (non alloy steel + alloy and stainless steel) stood at 0.535 MnT in May’19 declined by 9% as compared to 0.586 MnT in Apr’19.
Weak demand in India’s domestic market owing to general assembly elections scheduled in month of April along with sluggish demand, stalled construction and infrastructure projects reduced imports to India. However limited deals were reported for May shipments.
In the month of Apr’19 SteelMint reported that India based stockists have concluded a deal of HRC (Pipe-making and other grade of higher thickness) of quantity 20,000 MT in the range of USD 570/MT CFR basis for May shipments.
On yearly basis the same moved down by 14% in Feb’19 over 0.619 MnT in Feb’18.
During Apr-May’19 nation’s finished steel imports stood at 1.121 MnT moved down by 8% against 1.218 MnT in corresponding time frame of previous year.
India’s consumption of finished steel increased by 17% in May’19- India’s finished steel consumption stood at 8.780 MnT in May’19 upsurge by 17% to 7.506 MnT in Apr’19.
Meanwhile on yearly basis the same witnessed increase of 7% in May’19 over 8.24 MnT in May’18.
During Apr-May’19 nation’s finished steel consumption grew by 7% to 16.286 MnT as compared to 15.286 MnT in similar time period of previous year.
source: SteelMint
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