After giving a stellar performance in August, the Indian steel sector again faced headwinds last month, witnessing rise in imports along with dwindling exports and consumption.
Steel imports last month rose 3.6 per cent to 0.61 million tonnes (MT) compared to August 2016, latest data from the Ministry’s Joint Plant Committee (JPC) showed.
However on year-on-year (y-o-y) basis it was down 46 per cent, it added.
In case of exports, outbound shipments of the metal declined 3.5 per cent to 0.66 MT over August 2016, but on the brighter side they rose 111 per cent compared to that in September 2015.
Similarly, steel consumption last month stood at 6.73 MT, a decline of 7.7 per cent over the previous month. However as compared to September 2015, it rose 7.6 per cent.