During the July to September quarter of the current fiscal year, India’s crude steel production increased by 2.56% to 30.06 million tonnes (MT). The top six steel producers, SAIL, Tata Steel, JSW Steel, JSPL, AMNS India, and RINL, produced 18.29 MT of steel, with the remaining 11.77 MT coming from the secondary sector, according to research company SteelMint.
According to information provided by SteelMint, the nation produced 29.31 MT of steel during the same quarter in the previous fiscal year 2021—22. According to the report, major producers produced 18.39 MT of steel together during the same quarter of the previous fiscal year, while secondary producers produced 10.92 MT.
Steel exports decreased by 66.43 % year over year (y-o-y) for the quarter that ended on September 30, 2022, from 4.20 MT to 1.41 MT. In comparison to the same period in 2021, domestic consumption increased by 11.33 % to 27.52 MT from 24.72 MT.
According to SteelMint’s assessment of the industry’s prospects for the current October-December quarter, “output is likely to grow in the quarter as mills have restarted production following a brief maintenance shutdown taken in the prior quarter.”
According to SteelMint, due to the export duty and the weakening of the worldwide market as a result of high energy prices and inflation, exports would continue to be low in the third quarter. On May 21, the government increased the tax on iron ore exports by up to 50% and reduced it to 15% for a small number of steel middlemen.
The importation of various raw materials, such as ferronickel and coking coal, which are needed by the steel industry, was also exempt from customs duties. Action was taken to make these raw resources more accessible to home firms.
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