India remained a net importer of finished steel for a second straight month in August as imports continued to flow in the country, while exports touched an eight-month low.
Finished steel imports last month rose by 20pc from a year earlier to 530,000t, while April-August imports were up by 22pc to 2.52mn t, provisional data from the steel ministry’s joint plant committee show. Finished steel comprises alloyed and non-alloyed steel.
Imports have been elevated in the past two months as weaker demand in southeast Asian countries weighed on steel prices and prompted import bookings from South Korea, China, Japan and Vietnam.
Exports of finished steel rose by 5.7pc on the year in August to 480,000t — the lowest since December — while April-August exports were up by 1pc from the previous year at 3.04mn t.
Weaker international demand and competitive offers from other Asian origins have kept exports slow.
Finished steel consumption in August rose by 17pc on the year to 11.2mn t, while production rose by 9.9pc to 10.9mn t over the same period. April-August consumption rose by 13pc on the year to 52.4mn t, while production was higher by 12pc to 54.5mn t.
India’s crude steel production rose by 13pc on the year to 11.4mn t in August. Hot metal production rose by 8.1pc from a year earlier to 7.03mn t, while pig iron production rose by 21.4pc to 563,000t.
April-August crude steel output was higher by 12pc against the previous year to 57.3mn t, hot metal production rose by 8.1pc to 34.9mn t and pig iron production was up by 17pc on the year to 2.83mn t.