NEW DELHI : India's finished steel exports fell by 23.4 per cent to 0.596 million tonnes (MT) in Oct. 2018, according to Joint Plant Committee.

 

The Country had exported 0.778 MT of finished steel during the same month a year ago, Joint Plant Committee (JPC), the only institution that collects and maintains data on the Indian steel and iron sector, said in its latest report. "Exports stood at 0.596 MT in October 2018, down by 23.4 per cent over October 2017 and was up by 3.8 per cent over September 2018," it said.

 

As against exports, the imports grew by 17.3 per cent to 0.706 MT in October 2018 from 0.602 MT in year-ago period. The Country's finished steel output at 11.029 MT in October was 6.1 per cent higher from 10.398 MT in same month of 2017.

 

During October, JPC said, the consumption of finished stood at 8.315 MT 2018, up by 8.4 per cent over 7.672 MT in October 2017. Steel Minister Chaudhary Birender Singh had earlier said that India should cut down its dependence on special steel product imports through value addition and form JVs (joint ventures) with global leaders for technological know-how.