Steel production, consumption up in Apr-Oct

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SME Times News Bureau | 13 Nov, 2017
India's finished steel production, during the April-October period, rose by 5.1 percent to 61.375 million tonnes (mt) while country's consumption grew by 4.5 percent to 50.337 mt in the same period, said a Steel Ministry report.

"Production for sale of total finished steel at 61.375 mt, registered a growth of 5.1 percent during April-October 2017 over same period of last year...... India's consumption of total finished steel saw a growth of 4.5 percent in April-October 2017 over same period of last year, under the influence of rising production for sale and imports," said the Joint Plant Committee report.

SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 35.699 mt during the first seven months of the current fiscal, which was a growth of 9.2 percent over the same period of last year.

The report said overall production for sale of total finished steel at 9.354 mt in October only was up by 6.1 percent over September 2017 but grew by 6.9 percent over corresponding month last year.

"During April-October 2017, crude steel production was 58.416 mt, a growth of 4.7 percent over same period of last year," the report said.

Cconsumption at 7.486 mt in the last month (October) was up by 5.5 percent over same month of the last financial year.

However, India's import of total finished steel at 4.916 mt in the April-October period was up by 18.9 percent over same period of last year and imports in October only was at 0.6 mt, up by 11.5 percent over the same month last year.

The report also said India's total finished steel export grew by 57.7 percent to 5.626 mt in the first seven months of the current fiscal over same period of last year.

"Overall exports in October 2017, at 0.778 mt, was down by 30.2 percent over September 2017 and was up by 44.9 percent over October 2016," it added.