DSIJ Mindshare

Indian steel exports zoom in February

Indian steel industry appears to be on the verge of recovery after facing strong headwinds from global factors. India's total steel exports reached 0.75 million tonnes, recording 150 per cent YoY jump in February 2017, indicating strong demand for the industry's products.

On the other hand, total steel imports for the month declined significantly by 46 per cent YoY at 0.49 million tonnes. Declining imports is a significant development for the industry, representing opportunity for domestic players to regain their market share.

Domestic steel demand is also rising as steel consumption in February 2017 rose 3 per cent over Feb 2016. As government focuses on more steel intensive infra projects such as railways and ports, steel consumption demand would see a bullish trend.

The jump in production comes in the wake of government’s aim of reducing dependency on imports through protective policies, including anti-dumping and minimum support price for domestic producers.

Domestic steel players are also ramping up production. which coupled with efficient capacity utilisation, paves the way for a bright future for the steel industry.

DSIJ MINDSHARE

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