India's steel exports in the second quarter of 2018 fell by 33.7% year-on-year
According to reports, India exported 1.35 million tons ofsteel in the first quarter of this fiscal year, down 33.7% year-on-year. In arecent report, the Joint Factory Council of India (JPC) mentioned that Indiaexported 2.04 million tons of steel in the same period last year.
The United Steel Department said that India's steel exportsshould account for at least 6%-7% of total production. Compared with exports,imports reached 1.89 million tons in April-June, an increase of 10.9% from 1.71million tons last year. In the same period, India produced a total of 26.72million tons of steel, an increase of 4.4% compared with 25.61 million tonslast year, while steel consumption reached 23.42 million tons, up 8.4%year-on-year.
The Indian Joint Factory Committee believes that “theincrease in production and imports has contributed to the increase in theoverall level of domestic steel consumption.”
The Indian cabinet passed the 2017 National Steel Policy inMay last year, aiming to invest 10 trillion rupees and expand its steelmakingcapacity to 300 million tons in 2030-2031. In addition, the policy also plansto double the per capita steel consumption in India to 158 kg in 2030-2031.
