While there is a scope
The country had produced 8. International steel prices would also remain a strong determinant of domestic prices".535 MT from 0.121 MT were 8 per cent lower than 1.779 MT crude steel during same month in 2018.235 million tonne (MT) during May 2019.This has to be seen in the light of a recent report by the Union Steel Ministry, which said that during May, both exports and imports of finished steel recorded a fall in India.1 per cent in 4M CY2019 on the back of improved domestic demand, which in turn was aided by a pick-up in real estate and infrastructure auto parts bearings Suppliers related activities post the Chinese New Year.6 per cent to 10.
However, the construction sector would be at the forefront of the demand recovery in the second half of FY2020 on the back of an expected boost to the infrastructure sector, said Jayanta Roy, Senior Vice-President & Group Head, Corporate Sector Ratings, ICRA. India remained a net importer of the steel during May, 2019, the report said. And Indian steel makers through the Indian Steel Association (ISA), have sought a 25 per cent ad valorem safeguard duty on steel imports.2 per cent to 9. And a huge cross- dumping of products have been happening after the US and EU set up tariff and quota barriers.4 per cent from 17. During April-May 2019-20, the production stood at 18. Imports of finished steel have shown a mixed trend during January to May, 2019. And during the same period, exports from the same three countries to India grew by 5,61,000 tonne.318 MT from 0.8 per cent at 0.5 per cent in FY2019 from 7.
On the pricing front, Roy said, "While there is a scope for an immediate price hike due to the current disparity between the domestic and imported steel prices, ICRA expects that any meaningful price improvement would happen only in H2 FY2020, when the infrastructure spending is likely to gain momentum and the auto sector is expected to do well on the back of pre-buying ahead of the BS-VI rollout. Production of finished steel in May rose 1. Indias crude steel output already grew 5..6 per cent to 0.018 MT in April-May 2018-19. In May 2019, the imports fell 13.432 MT in the corresponding period of the previous fiscal.715 MT as compared to 1. However, escalation of trade tensions between China and the US in May 2019 points to possibilities of moderation in Chinese economic activities in the coming months, which would keep its steel production growth and in turn global steel production growth under check in the near term.218 MT in the corresponding period of the preceding fiscal.8 per cent, largely supported by a healthy growth registered by China.674 MT in the year ago month, the steel ministry report said.445 MT earlier. Exports in May 2019 declined by 28.
