India's finished steel consumption increased in August as demand improved on lower prices, while shipments continued to remain low owing to export taxes.
Finished steel consumption in August rose 2.4pc on the month and 13pc on the year to 9.30mn t, while production climbed 1.4pc on the month and 4pc on the year to 9.71mn t, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel.
Exports of finished steel last month fell 65.9pc on the year, but rose 19.5pc on the month to 454,000t. Vietnam was the top export destination for finished steel in August with 134,900t, followed by UAE with 68,200t, according to Argus calculations.
Alloy steel exports accounted for 76pc of total finished steel shipments in August. Hot-rolled coil (HRC) and strips, which accounted for about half of total finished exports in 2021-22, dropped 99pc to 8,400t in August, according to the JPC.
Domestic steel consumption improved last month as stocking picked up on low prices, although the 15pc export tax on steel continued to keep shipments limited. The Indian steel ministry has been examining the duty but no confirmation has been provided on when it can be revoked.
Finished steel imports last month rose 11.7pc on the year and edged down 0.5pc on the month to 442,000t. Most finished steel imports last month came from South Korea with 191,300t, followed by China with 120,000t, according to Argus calculations. India imported HRC and strips totalling about 4,300t from Russia last month.
Mumbai port recorded the most imports with 147,400t, followed by Mundra with 106,300t, as per Argus calculations.
Crude steel production at 10.2mn t rose 1.7pc on the month and 1.2pc on the year, the JPC data showed.
| Indian steel exports and imports | '000t | |||||
| Aug-22 | Aug-21 | ± % | Apr-Aug 2022 | Apr-Aug 2021 | ± % | |
| Exports | ||||||
| Semis | 138.0 | 664.6 | -79.2 | 972.7 | 2,445.7 | -60.2 |
| Non-flat products | 32.6 | 237.0 | -86.3 | 311.7 | 1,063.5 | -70.7 |
| Flat products | 80.0 | 1,014.1 | -92.1 | 1,842.2 | 4,895.1 | -62.4 |
| Alloy steel | 342.7 | 80.6 | 325.2 | 885.2 | 445.3 | 98.8 |
| Total steel | 593.2 | 1,996.3 | -70.3 | 4,011.8 | 8,849.6 | -54.7 |
| Imports | ||||||
| Semis | 11.8 | 7.8 | 51.3 | 75.4 | 57.6 | 30.9 |
| Non-flat products | 9.0 | 11.2 | -20.0 | 32.2 | 68.3 | -52.9 |
| Flat products | 222.9 | 201.9 | 10.4 | 1,069.7 | 1,186.7 | -9.9 |
| Alloy steel | 242.5 | 186.6 | 30.0 | 1,012.0 | 726.0 | 39.4 |
| Total steel | 486.2 | 407.5 | 19.3 | 2,189.2 | 2,038.6 | 7.4 |
| —JPC | ||||||
