India's steel production totaled 6.8 million tonnes in June

The steel sector in India began to show signs of improvement and in June the country's steel production totaled 6.8 million tonnes, according to the Steel Ministry.

At 6.8 million tonnes, production was 17.7 percent higher than in May 2020, but year-on-year it was 27.2 percent lower than in June 2019, the ministry said.

He noted that economic activity since the April 2020 nadir strike due to the spread of the COVID-19 pandemic and nationwide localization has begun to show signs of improvement since May 2020.

“This was reflected in the indicators of eight main industries (with a share of 40.27 percent in IIP), which, compared with a 37 percent decline in April 2020, recorded a 23.4 percent decline in May 2020. Steel production index, which fell sharply by 83.9 percent in April 2020, recorded a decline by 48.4 percent in May 2020, ”it was reported.

In terms of steel production, it says production has shown a consistent improvement after a decline became apparent in April this year.

The ministry also said that June 2020 finished steel production at 5.9 million tonnes was up 15.6% from 5.1 million tonnes in May 2020. However, on an annualized basis, finished steel output in June 2020 was down 33.3%.

On a monthly basis, in June 2020, retail prices for HRC (Hot Rolled Coil), CRC (Cold Rolled Coil) and Rebar were up 1.43%, 1.69% and 2.17%, respectively, due to growth in various activities from - for the gradual easing of the blockage, as well as the increase in exports during the month.

“The BSE Sensex and BSE Metal indices rose by 6.1% and 4.7%, respectively, in June 2020, which indicates recovery after blocking,” it was reported.

The government has set a goal to increase India's production capacity to 300 million tonnes by 2030.

The ministry also said that while ensuring the increase in steel production and consumption, it is also necessary to identify and solve the problems faced by users regarding the introduction of domestic steel products.