Steel consumption declines for 2nd consecutive month in July
08/08/2016 15:48
India's steel consumption declined for the second-straight month in July falling over 7 per cent to 6.3 million tonnes (MT) as compared to June, reported PTI.
According to the latest data from the Joint Plant Committee (JPC), part of the Steel Ministry, "Consumption in July 2016 (6.289 MT) was up by 1.1 per cent over July 2015 but was down (by 7.4 per cent) over June 2016."
Similarly in June this year, the demand for the metal, stood at 6.8 MT, down by 4.3 per cent over June 2015 as well as down by 8 per cent over May 2016, the JPC said.
However, on the brighter side, consumption of total finished steel in India - world's third largest steel maker, grew albeit marginally by 0.5 per cent in April-July 2016-17 to 26.2 MT over same period of last year.
During the first four months of 2016-17, crude steel production was 31.8 MT, up 5 per cent over same period of last year, the committee said.
The production in July 2016 stood at 8.1 MT, which was up by 5.6 per cent over July 2015 and by 0.1 per cent over June 2016, it added.
Total finished steel stood at 2.4 MT during April-July, a decline of 34 per cent over same period of last year.
"Imports in July 2016 (0.56 MT) was down by 46 per cent over July 2015 and by 11.4 per cent over June 2016. India remained a net importer of total finished steel during this period," the JPC said.
Exports were up by 8.7 per cent in April-July at 1.7 MT over same period of last year, while outbound shipments last month stood at 0.5 MT, up by 7.6 per cent over July 2015 but declined by 13.2 per cent over June 2016, it added.
