 "Steel Product")
India's crude steel production increased by 8.37 per cent in April-June period to 33.63 MT and the momentum is likely to continue in the current quarter as well, according to SteelMint.
Higher production and capacity ramp-up activities by steel mills will meet the increasing demand, the research firm said in a note.
India had produced 31.03 million tonnes (MT) of steel in the April-June quarter of the preceding 2022-23 financial year, SteelMint data showed.
Finished steel production in India rose 11.66 per cent in the quarter under review to 32.41 MT, from 29.03 MT in the same quarter a year ago.
The domestic steel consumption rose 10.16 per cent to 30.29 MT from 27.50 MT a year ago.
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The imports of steel surged to 1.40 MT in April-June 2023, posting a 19.54 per cent rise over 1.17 MT in the year-ago period.
"Price disparity in landed cost of imports and prevailing domestic hot-rolled coil (HRC) prices boosted imports," a SteelMint analyst said.
Exports shrinked 6.39 per cent to 2.05 MT from 2.19 MT in April-June 2022.
Subdued global demand and cost effective offers from China amidst higher production and exports affected domestic outbound shipments of steel, the analyst said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
