Rashtriya Ispat Nigam exports stepped up by whopping 141% till Dec 2020

Rashtriya Ispat Nigam Limited said that their exports were stepped by a whopping 141%, reported The New Indian Express.

"When domestic demand reduced, we stepped up exports by 141 per cent, which translated into Rs 3,109 crore till December 2020. We crossed an export volume of one MT for the first time," said RINL chairman and MD PK Nath, who was speaking on the occasion of Republic Day on Tuesday.

Earlier this month India Ratings and Research said that the increase in India's domestic steel consumption from 2QFY21 has led to higher cost which might invite a government intervention to curb prices.

In its steel monitor report, the agency cited that India's domestic consumption in November 2020 was at 8.93 MT, 7.8 per cent higher on MoM level but 2 per cent lower in terms of YoY comparison.

"The improved domestic demand is reflected in steel prices which further increased in November 2020."

However, the report pointed out that steel mills have raised prices with consumption growing, resulting in a reduction in inventories at steel mills, in addition to the high iron ore prices because of tight domestic supplies.

In terms of crude steel, India production over January-November 2020 was 12.3 per cent lower on YoY basis due to the Covid-19 disruptions over 1QFY21, but improved MoM in November 2020 to 9.25 mt

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