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Print[ferro-alloys.com] Consumption of carbon steel grew by more than 7% in the month of June, compared to the same period last year, however net steel exports declined to the lowest level in the last 12 months, according to research.
Overall steel consumption grew by a small margin of 5.3% YoY in June, taking the growth in consumption in the quarter ending June 30 to 4.6%.
Major players in the steel sector benefitted the most as the carbon steel production grew by 7.3% , YoY in June.
Tata Steel and Rashtriya Ispat Nigam continued to gain market share as their saleable steel production jumped by 43% and 29% respectively, YoY, compared to stable production of minor players, brokerage firm Edelweiss said in a report.
However, even as domestic consumption looked up, net carbon steel exports fell to 83 kilo ton, lowest in the last 12 months as the base effect of imports waned and exports grew at a slower clip owing to the rupee’s appreciation.
With appreciating rupee bringing down the volume of exports, the onus of absorbing the production is on domestic consumption.
“In our view, if domestic demand holds firm, the supply-demand equilibrium in the domestic market is likely to sustain, further aided by recent pick-up in Chinese export price,” the report said.
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- [Editor:Wang Linyan]
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