Steel consumption declines in India, exports rise

Steel consumption in India fell for the second straight month in July, falling more than 7 percent to 6.3 million tonnes from June. Likewise, in June this year, demand for the metal amounted to 6.8 million tons, down 4.3 percent compared to June 2015, and also fell 8 percent compared to May 2016.

However, total consumption of finished steel in the world's third-largest steel-producing country, India, rose marginally, by 0.5 percent, in FY 2016-17 April-July to 26.2 million tonnes over the same period. last year ending in March.

During the first four months of 2016-17, crude steel production was 31.8 tons, up 5 percent from the same period last year, the committee said.

Production in July 2016 was 8.1 million tonnes, up 5.6 percent from July 2015 and 0.1 percent from June 2016. The total volume of rolled products amounted to 2.4 million tonnes during April-July, which indicates a 34 percent decrease compared to the same period last year.

The volume of imports in July 2016 decreased by 46 percent compared to July 2015 and by 11.4 percent compared to June 2016. At the same time, exports increased by 8.7 percent in April-July to 1.7 million tons compared to the same period last year.