New Delhi: Exports of finished steel from India in April -February plunged 52% when compared with the same period during last fiscal. The export volume was lower at 5.9 million tones.
India exported 52% less than it did a year earlier, as slowing global demand hit shipments, according to government data seen by Reuters today.
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Between April and February, India produced 109.35 million tonnes of finished steel, 6.2% more than a year before. 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.
Earlier in last November the Union government had lifted an export tax imposed on the alloy. India is the world’s second-biggest producer of crude steel. The country also imports the alloy. In the April-February period it was a net exporter.
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