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India’s steel production fell to 14-month low in November at 6.25 million tonne due to subdued demand from sectors such as white goods and automobiles.
It is the lowest monthly production since September last year, when it was 6.299 MT. As per the World Steel Association, a premier global industry body, the previous low was in October at 6.461 MT.
Steel production started declining since August when the country produced 6.578 MT compared to 6.668 MT in the previous month. It further fell to 6.540 MT in September.
India had produced 6.766 MT steel in January, 6.414 MT in February and 6.836 MT in March, so far the best month in terms of production during the current year.
In April, India’s steel production was at 6.512 MT; 6.785 MT in May, 6.528 in June and 6.668 MT in July.
The cumulative production during the 11-month period of the year stood at 72.338 MT, a growth of 1.9 per cent over the corresponding period last year.
Global production of steel during the same period grew by 3.2 per cent to 1,447.740 MT.
The fall in production, experts say, is due to subdued demand from automobile and white goods sectors in an economy which grew by 4.6% in the first half of the current fiscal.
India’s steel consumption grew by just 0.4% in April-November period.
Meanwhile, expecting rise in demand, steel makers are mulling to raise prices by Rs 1,000 a tonne from the beginning of next month.
