India’s crude steel output hits 70 MT in April-Sept

India’s steel production surged by 14.7 percent in H1 2023-24, driven by increased capacity and strong domestic demand. However, steel exports dropped, and imports increased. 

Image Source: Shutterstock

During the April-September period of the 2023-24 fiscal year, India’s crude steel production increased by 14.7 percent to reach 69.65 million tones (MT), as reported by SteelMint India. In the corresponding period of the previous year, steel output was at 61.06 MT, according to the market research firm. 

This growth in production can be attributed to improved capacity utilization rates and the expansion of capacities by major Indian steel manufacturers. SteelMint predicts that these factors will continue to support production growth in the second half of the current fiscal year. 

Additionally, the consumption of finished steel domestically also saw a significant increase, rising by 14.77 percent to 63.99 MT, compared to 55.75 MT in the same six-month period a year ago. However, the country’s steel exports during this period contracted by 10.25 percent, falling to 3.23 MT from 3.60 MT in April-September 2022-23. 

Meanwhile, inbound steel shipments increased to 2.90 MT from 2.56 MT in the year-ago period, marking a year-on-year rise of 13.33 percent. The combined production of the top six steel players, which include Tata Steel, JSW Steel, Jindal Steel and Power (JSP), AMNS India, SAIL, and RINL, amounted to 41.24 MT, up from 38.3 MT in the same period of the previous year.