India steel profits fell sharply, the impact of large imports

      By the impact of low-cost imports, India domestic steel prices continued to decline, steel mills profit fell sharply.
      The largest private steel producer Tata Steel Corp, said the 2 quarter of this year, after tax profit of 12500000000 rupees, a sharp decline of 55%, turnover fell more than 13%. Despite the negative impact of imports, but the domestic steel shipments are still maintained a growth of 2140000 to 2% tons, while the average increase of only 0.5%.
      In the second quarter, India steel imports more than 2770000 tons, compared with the same period last year increased by more than 1000000 tons, the current monthly import volume is stable at about 1000000 tons.
      Indian steelmakers said that although domestic demand growth of 7%, but they aren't the biggest beneficiaries, due to the large number of cheap steel imports, 2 quarter domestic HRC prices fell by 21%, annulus comparing down 7%.