Indian Steel mills reversing import glooms with export thrust

India Infoline News Service | Mumbai | March 17, 2017 17:31 IST

India is ready to be a net exporter of steel for the first time in about four years, reversing a trend that saw national mills fighting a flood of cheap imports, according to the Indian Steel Association.

Sheet tin metal rolls, Steel
India is ready to be a net exporter of steel for the first time in about four years, reversing a trend that saw national mills fighting a flood of cheap imports, according to the Indian Steel Association.
 
Mr Sanak Mishra, the association’s secretary-general said, this is very effective evolution and it would show that Indian steel industry can compete globally in terms of quality and prices. India’s production is anticipated to reach 100 million metric tonnes in the fiscal year because of the big producer's missions more capacity and gaze at boosting exports.
 
Attracting by a rebound in global product prices, Steel Mills including JSW Steel Ltd and Steel Authority of India Ltd are depending on the export market to soak up excess inventories after boosting output in the prediction of Prime Minister Narendra Modi’s infrastructure push.
 
According to Steel Ministry data, Exports streamed almost 78% in 11 months to February to 6.6 million tonnes, while Imports dropped by 39% to the same figure. Output jumped 11% to 92 million tonnes in middle of consumption growth of 3.4% to 76.2 million tonnes.

It’s a sharp disparity a year ago when India was overrun with cheaper supplies from China who is the biggest manufacturer and supplier, with the country importing record 11.7 million tonnes in 2015-2016
 
Top producer Sail aims to double exports next fiscal year, it exported 682,000 tonnes in April-February, Exports from JSW Steel are 26 % of sales in July-December.

SAIL shares closed at Rs. 63.50 down by 0.24% on Friday, whereas JSW closed at Rs.192.30 down by 0.08% and Tata Steel rose by Rs. 501.50 up by 0.37 %

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