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Steel exports surge 69 pc, imports up 2.4 pc in May
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SME Times News Bureau | 12 Jun, 2017
Country's steel exports jumped by 69 percent in May to 0.641 million
tonnes (mt) over the same month last year while imports were up by 2.4
per cent, according to a Steel Ministry report.
"Export of total
finished steel was up by 102 per cent in April-May 2017 to 1.387 mt over
same period last year. Overall export in May at 0.641 mt was down by
14.1 per cent over April 2017 but was up by 69 per cent over May 2016,"
said the Joint Plant Committee report.
Import of total finished
steel at 1.062 mt in first two months of the current fiscal declined by
11.4 per cent over same period of last year.
"Overall imports in
May 2017 at 0.558 mt was up by 10.7 per cent over April 2017 and was up
by 2.4 per cent over May 2016," it said.
India's consumption of
total finished steel at 13.785 mt saw a growth of 4.2 per cent in the
first two months of the current fiscal over year-ago period, under the
influence of rising production for sale.
In the last month, overall consumption stood at 7.491 mt, up by one per cent over corresponding month last year.
In
May, production for sale of total finished steel at 9.066 mt,
registered a growth of 4.4 per cent over the corresponding month last
year.
The production was, however, up by seven per cent over April 2017.
SAIL,
RINL, TSL, Essar, JSWL and JSPL together produced 10.234 mt during
April-May of the current fiscal, which was a growth of 15 per cent over
the same period last year, the report said.
An amount of 9.082 mt came from the other producers, which was a growth of 0.1 per cent over same period last year, it added.
Meanwhile,
the Union Cabinet, last month, gave its approval to the National Steel
Policy 2017 which projected crude steel capacity of 300 million tonnes
(mt), production of 255 mt and a robust finished steel per capita
consumption of 158 kgs by 2030 - 31, as against the current consumption
of 61 kgs.
According to the policy, the 300 mt of steel making
capacity would translate into additional investment of Rs 10 lakh crore
by 2030-31.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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