MCX Tips, Finished steel exports dip 30% in Jan, imports decline 44%: JPC report

India still managed to maintain its position as a net exporter of finished steel

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India's export of finished steel shrank by over 30 percent to 0.616 million tonnes (MT) during January 2018, according to the government's Joint Plant Committee (JPC).

The country had exported 0.890 MT of finished steel during the same month a year ago.

Exports should account for 6-7 percent of India's total steel production in the next few years, up from the 1.5 percent at present, Union Steel Minister Chaudhary Birender Singh had earlier said.

The import of finished steel too fell by 44.5 percent to 0.335 MT in January 2018 from 0.604 MT during January 2017.

In spite of a drop in exports number as well as imports, India managed to maintain its position as a net exporter of finished steel.

"India was a net exporter of total finished steel in January 2018 as also during April-January 2017-18," the JPC said.