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Amid Economic Slowdown Talk, India’s Steel Exports See 92 Per Cent Surge
Indian workers store steel coils unloaded at a new private freight terminal near Ahmedabad. (SAM PANTHAKY/AFP/GettyImages)
Amid talk of gloom and doom following demonetisation, India's steel exports saw a rise of 92 per cent in December and the country shipped out 4.977 million tonnes of steel in April-December period of the current fiscal, up 57.8 per cent from the same period last year.
According to a Steel Ministry report, imports of total finished steel in the first nine months of the current fiscal declined by 37.4 per cent to 5.495 million tonnes over the same period last year and in December imports were 0.761 million tonnes, down by 23.2 per cent over same month last year.
India's consumption of total finished steel at 61.517 million tonnes saw a growth of 3.3 per cent in April-December period in 2016-17. Consumption in December at 7.225 million tonnes was up by 5.2 per cent over corresponding month last year and by 17.1 per cent over November in 2016, said the report.
"Production for sale of total finished steel at 73.771 million tonnes registered a growth of 10.5 per cent during April-December in 2016-17 over same period of last year. Overall finished steel production for sale at 8.416 million tonnes in December was up by 12.4 per cent over December 2015 and by 11 per cent over November 2016," the report added.
With Inputs From IANS.
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