Domestic steel consumption growth has seen good improvement in September with India has been performing better than other countries. The sudden jump in consumption after remaining weak for last several months shows consumption of finished steel improved significantly with 7.6% year on year (y-o-y) growth at 6.7 million tonne (mt). However, on a year to date basis consumption stood at 40.6 mt, up 2.5%. Inventory in the system stands at 6.5 mt, down 1.19% from August 2016, a report by Emkay GlobalBSE -0.61 % said citing provisional data from the Joint Plant Committee (JPC).
Imports continued to contract, falling 46.2% y-o-y and 1.3% month on month to 611 kt in September 2016. For year to date FY17 too, steel imports fell by 37% to 3.59 mt. Exports on month on month basis, increased sharply by 111% to 655 kt but decreased by 3.7% month on month. For year to date FY17 exports grew by 35.6% to 3 mt.