SAIL records highest monthly export volume of 100,000 tonnes in decade

The PSU steel maker has already exported 700,00 tonnes during the current financial year

The Steel Authority of India Ltd (SAIL) exported 100,000 tonnes of steel in February, highest ever in the last ten years.

A total of 103,000 tonnes of steel was exported last month, including first time shipment of CE marked plates from the New Plate Mill of Rourkela Steel Plant to Europe.

The other products that contributed to the record exports include wire rods, hot rolled coils, billets and slabs.

SAIL has already exported 700,00 tonnes during the current financial year 2016-17, the company said in a statement.

Country's steel exports in January 2017 stood at 889,000 tonnes, which is three times higher than January 2016 exports of 274,000 tonnes. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 million tonnes, registering a growth of 71 per cent.

The increase in January exports of steel was mainly due to the Minimum Import Price levied by the government to protect local steel manufacturers from dumping by China.

It aims at exporting 10 per cent of its total production and at doubling the volumes for next fiscal in FY 17-18. It also plans to soon diversify its exports basket with cold rolled and galvanized products from New Cold Rolling Mill at Bokaro, structural's from New Universals Section Mill at Burnpur and Medium Structural Mill at Durgapur.

Through these product offerings the company aims to consolidate its presence not only in South East Asian market but also in Europe, the statement added.