Steel production in India increased by 5.2% YTD

Indian steel production rose 5.2% during the opening seven-month period of the current fiscal year. According to Mr. Sushim Banerjee, managing director of the Institute for Steel Development and Growth (INSDAG), production was 61.1 million tonnes between April 18 and October 18, up 5.2% from the previous year. During the corresponding seven-month period last fiscal year, the country produced a total of about 58 million tons.

The country remained a net importer of steel. Steel imports across the country amounted to 5.3 million tons, which is 4.3% more than in the previous year. At the same time, exports fell sharply by almost 34% compared to the same period last year and amounted to almost 5 million tons. India has recorded a significant jump in steel consumption among the countries of the world. Steel consumption for this period amounted to 56.0 million tons, which is 7.9% higher compared to the same period last year.

According to INSDAG, India needs to focus on building more national capacity in order to curb the growth of value-added steel imports and meet the ever-growing needs of various critical sectors, including infrastructure, defense, railways and the oil and gas sector.

By the way, domestic steel producers in the country have signed up to 38 agreements worth about USD 5 billion aimed at expanding domestic capacities. The country plans to invest about USD 128 billion over the next decade, which should bring its steel volume to 300 million tonnes, as mandated by the 2017 National Steel Policy (NSP).