India's April-November finished steel exports plunge 55% y/y – data

Due to global slowdown and export tax on some steel products, finished steel exports resulted in a jump of 55% to 4.3 million tonnes during April to November. After the Government decided to scrape off the export tax, steel makers and industry officials believed it to be a challenge for the mills to regain their traditional markets, including Europe. Despite the fall in exports, India remains the world's second-largest crude steel importer.

During the first eight months of its fiscal year, India imported 3.8 million tonnes of finished steel, up to 22.5% increment from the last year and the production of crude steel increased by 5.6% to 81.9 million tonnes. Between April and November, the nation's output of finished steel increased by 6.4% to 77.7 million tonnes, while its consumption increased by 12% to 75.3 million tonnes.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.