India's crude steel production has witnessed a substantial increase of 14.7%, reaching 69.65 million tonnes (MT) during the April-September period of the 2023-24 fiscal year, as reported by SteelMint India. This marks a significant rise compared to the steel output of 61.06 MT in the corresponding period of the previous year.
The surge in steel production can be attributed to improved capacity utilization rates, along with the expansion of production capacities by key players in the Indian steel industry, according to the market research firm.
SteelMint anticipates that these factors will continue to support the growth in steel production during the second half of the current fiscal year. Concurrently, domestic consumption of finished steel also witnessed a robust increase, rising by 14.77% to 63.99 MT compared to 55.75 MT recorded in the same six-month period a year ago.
However, during this period, India's steel exports experienced a decline, contracting by 10.25% to 3.23 MT, down from 3.60 MT in the April-September period of the previous fiscal year, reflecting shifts in global trade dynamics.
