Steel production in India increased by 4.5%

A recent report released by the Joint Plant Committee (JPC) under the Indian Ministry of Steel notes a moderate surge in finished steel production and consumption in the country during the first three quarters (April-December 2018) of the current fiscal year.

According to the report, India's finished steel production increased 4.5% from the previous financial figure to 97.358 million tonnes. Also, the country's consumption amounted to 71.862 million tons, which is 8.4% more than in the previous year. The country remained a net importer of finished steel during April-December 18. Over the year, imports fell slightly by 3.1% to 5.908 million tons. Meanwhile, exports during this period increased by more than 38% to 4.675 million tons compared to the same period last year.

During this period, the six largest steel producers were SAIL, Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd (TSL), Essar, JSW Ltd and Jindal Steel and Power Ltd (JSPL). The aggregate output of the aforementioned producers amounted to 54.154 million tons, which is almost 56% of the total production in the country. Production grew by 6.2% over the year. The output of other manufacturers increased by 2.4%.

JPC data indicate that the country produced 11.422 million tonnes of finished steel in December alone. Monthly consumption amounted to 8.339 million tons. Imports and exports amounted to 0.548 million tons and 0.367 million tons, respectively.