Steel output rises 4.4%, consumption up 8.4% in Q1 in FY19

Kolkata, July 22 (IANS): India's finished steel production during the first quarter of the current financial year (FY 19) rose by 4.4 per cent to 26.72 million tonnes (mt) while the country's consumption grew by 8.4 per cent to 23.422 mt in the same period, a steel ministry report said. During the first three months of 2018-19, India's finished steel exports were down by 33.7 per cent to 1.351 mt over same period of 2017-18 and imports during the same period stood at 1.893 mt, up by 10.9 per cent over the corresponding months of previous fiscal. "Production for sale of total finished steel at 26.72 mt, registered a growth of 4.4 per cent during April-June 2018 over the same period of last year," the Ministry's Joint Plant Committee's (JPC) report said. "India's consumption of total finished steel saw a growth of 8.4 per cent in April-June 2018 (to 23.422 mt) over the same period of last year, under the influence of rising supply side as both production for sale and imports increased in April-June 2018 over the same period last year," it added. Steel Authority of India (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd (TSL), Essar, JSW Ltd and Jindal Steel and Power Ltd (JSPL) together produced 15.669 mt of steel for sale during the first quarter of the current fiscal, which was a growth of 4.2 per cent over the same period of last year. The report also said that the production for sale of total finished steel was at 8.87 mt in June 2018, up by 4.4 per cent over corresponding month last year, but it was down by 2.5 per cent over May 2018. "During April-June 2018, crude steel production was 26.086 mt, a growth of 6.2 per cent over same period of last year," the report said. According to it, the consumption stood at 8.097 mt in the last month (June 2018), up by 8.3 per cent over the same month of the previous financial year. Imports, in June only, were at 0.676 mt, up by 4.8 per cent over year-ago month. "Exports stood at 0.364 mt in June 2018, down by 43.9 per cent over June 2017 and was down by 15.2 per cent over May 2018," the report said.