Indian Steelmakers Eying Exports As Domestic Demand Dips.

Steelmakers are exploring the world market following a dip in domestic demand. According to the Joint Plant Committee data, steel exports in the Q1 ended June 30, jumped by 71.8%, at 1.074 million tonnes against a mere 0.62 million tonnes during the same period last year.

It said that that rising output, however, managed to curtail imports, which fell by 52% in the period under consideration. However, India still remains the net importer at 1.32 million tonnes at the end of the first quarter.

During the 17th Annual General Meeting on July 25, Mr Sajjan Jindal vice chairman and MD of JSW Steel had said the company is planning to increase its exports by 15% to 20% this fiscal.

TATA Steel, despite the surge in domestic demand, is looking at increasing exports. The company said that “In view of the robust domestic demand during the year, the opportunity for exports has been limited for flat and long products. However, there is a growth of 76% in wires and 43% in FAM business over the last year.”

Source : steelguru.com