New Delhi:
India exported 52% less finished steel from April to February than a year earlier, due to declining global demand, according to government data Reuters saw today.
The export volume was lower at 5.9 million tonnes, despite the abolition of an export levy by the government in November.
India, the second largest crude steel producer in the world, also imports the alloy. In the period April-February it was a net exporter.
Major steelmakers reported a drop in profits in the December quarter, in part because the government in May imposed the tax that applied to exports of some semi-finished steel products, such as bars.
Most steel companies, including JSW Steel Ltd, India’s largest steel producer by capacity, expect exports to pick up in the current quarter.
Between April and February, India produced 109.35 million tonnes of finished steel, up 6.2% from a year earlier, the data showed. Consumption increased by 11.6% to 107.2 million tonnes.
India imported 5.6 million tonnes of finished steel during the period, up 29.5% from a year earlier. Crude steel production increased by 3.9% to 113.44 million tonnes.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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