India's steel import falls 36 per cent to 7.4 MT in 2016-17

India's import of total finished steel fell 36 per cent to 7.4 million tonnes (MT) and exports jumped 102 per cent to 8.2 MT in 2016-17, according to official data.

In terms of production too, the country did well, according to Joint Plant Committee's annual report on the sector for 2016-17.

Export of total finished steel rose 102.1 per cent in April-March 2016-17 to 8.244 MT as against 4 MT in same period of last year and dependence on import eased to 7.4 MT as compared to 11.7 MT in the preceding fiscal, it said.

"During April-March 2016-17, crude steel production was 97.385 MT, a growth of 8.5 per cent, over the same period of last year," the report said.

The country recorded a crude steel output of 89.7 MT in 2015-16.

Consumption of steel also grew from 81.5 MT to 83.9 MT in 2016-17.

In March 2017, exports were up 363 per cent at 1.621 MT over the year-ago period while it rose 114 per cent as compared to the preceding month of February 2017 at 0.756 MT.

Imports in March 2017 (0.8 MT) was down 19.7 per cent over March 2016 but was up 51.8 per cent over February 2017 at 0.491 MT, it added.

Overall, crude steel production in March 2017 (8.274 MT) was down by 0.5 per cent in March 2016 but was up 2 per cent over February 2017 at 8.084 MT, the data showed.

India is the third largest producer of crude steel after China and Japan and is aiming to become the second largest in the near term.

Constituted in 1964, JPC formulates guidelines for production, allocation, pricing and distribution of iron and steel materials.