Hot rolled coil exports down 35% in first half

Indian Steel Association (ISA) today said exports of hot rolled coils by integrated steel producers declined 35 per cent in the first half of this fiscal to 6.4 million tonnes as its member companies gave more priority to the domestic market.

Exports of hot rolled coils by steel majors like Essar, Jindal and state-owned Sail, dipped 35 per cent to 6.4 million tonnes from 9.8 million tonnes in the corresponding period last fiscal.

Domestic sales rose 9 per cent to 3.5 million tonnes from 3.2 million tonnes during April-September 2003, while production grew four per cent to 6.6 million tonnes from 6.3 million tonnes in the year ago period.

Domestic industry has always been a priority for the ISA. Our member countries have made a conscious effort to ensure that the demand supply ratio is beneficial for the domestic consumers," ISA President Moosa Raza said.

"Even though integrated steel producers can command a better price for their products in the international market, they have been giving priority to local consumers. The sales, production and export figures of integrated steel producers validate this point," he said.

However, Raza warned that such steep decline in exports could also dampen the industry's growth prospects in a global scenario.