Kolkata, Aug 6 (IANS) Steel imports in April-July declined 34 per cent to 2.393 million tonne while exports of total finished steel were up 8.7 per cent to 1.695 mt in the four-month period, a steel ministry report said.
In July, steel imports at 0.561 mt were down 46 per cent from the same month last year and 11.4 per cent from June 2016.
Exports in July stood at 0.468 mt, up 7.6 per cent over the same month last year but declined by 13.2 per cent from June 2016.
The minimum import price (MIP) regime was introduced for a six-month period in February 2016 in a bid to arrest cheap imports of steel; it’s due to end on Friday.
The government on Thursday extended the MIP regime on 66 items for a period of two months till October 4, 2016. It will apply to steel items like billets, bars, wire rods and coated steel.
According to report prepared by Joint Plant Committee, domestic consumption during April-July period grew a modest 0.5 per cent to 26.188 mt.
Domestic consumption in July was at 6.289 mt, up 1.1 per cent over the corresponding month last year. But consumption was down 7.4 per cent from preceding month.
“Production for sale of total finished steel at 32.114 mt registered a growth of 3.5 per cent during April-July over the same period of last year,” the report said.
Overall finished steel production for sale in July 2016 stood at 7.64 mt, up 2.6 percent over the same month a year ago, but declined 6.4 per cent from June 2016.