Indian Finished Steel Exports Plunge 18% M-o-M in Feb '20- Govt Data

Joint Plant Committee (JPC) released its provisional data for Feb'20 today. According to the released data, India’s finished steel exports witnessed acute fall of 18% M-o-M basis to 0.570 MnT in Feb’20 as compared to 0.694 MnT in Jan' 20.

Importers based in Vietnam preferred HRC mainly from China as compared to India owing to competitive offers. Meanwhile Indian steel manufacturers shifted their focus to domestic sales rather than on exports and raised HRC prices by INR 750-1000/MT for Feb deliveries.

However, the exports stood at 7.783 MnT during (Apr-Feb) FY'20 up by 35% in comparison with 5.769 MnT in the corresponding period of FY'19.

India finished steel import dropped by 16% in Feb'20- On a monthly premise, the nation's finished steel imports declined by 16% to 0.401 MnT in Feb'20 over 0.477 MnT in Jan '20.

Traders have already restocked the material beforehand in anticipation of further increase in domestic HRC prices in upcoming month which lead to lower import bookings and sluggish demand in Feb '20.

During (Apr-Feb) FY'20, India imported 6.392 MnT of finished steel move down by 10% in comparison with 7.130 MnT in the same time frame of the previous fiscal.

India crude steel output remained stable in Feb '20- Indian steel producers churned out 9.294 MnT of crude steel in Feb’20 stable on a monthly premise as against 9.290 MnT in Jan'20

During (Apr-Jan) FY'20, crude steel production accounted for 100.78 MnT, largely stable as compared with 100.87 MnT in a similar time frame of the preceding fiscal.

India’s consumption of finished steel down by 8% in Feb '20- India’s finished steel consumption fell by 8% M-o-M and stood at 8.185 MnT in Feb’20 as compared with 8.898 MnT in Jan’20.

Meanwhile, the nation’s finished steel consumption moved up by 4% and stood at 92.603 MnT in (Apr-Jan) FY '20 as compared to 89.19 MnT in the same time frame of the previous fiscal.