India exported 52% less finished steel from April to February than it did a year earlier, as slowing global demand hit shipments, according to government data seen by Reuters today.
The export volume was lower, at 5.9 million tonnes, despite the government’s withdrawal of an export tax in November.
India, the world’s second-largest producer of crude steel, also imports the alloy. In the April-February period 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, which applied to exports of some intermediate steel products, such as bars.
Most steel companies, including JSW Steel Ltd, India’s biggest steelmaker by capacity, have projected a pick-up in exports 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 rose 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 was up 3.9%, at 113.44 million tonnes.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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