India's finished steel production during April to January period of the current financial year (2017-18) rose by 5.3 per cent to 88.592 million tonnes (mt) while country's consumption grew by 5.4 per cent to 72.497 mt in the same period, a Steel Ministry report said.
During the ten months period of 2017-18, India's finished steel export was up by 40.2 per cent to 8.222 mt over same period of 2016-17 and imports in the period stood at 6.432 mt, by 5.5 per cent over corresponding period of previous fiscal.
"Production for sale of total finished steel at 88.592 mt, registered a growth of 5.3 per cent during April-January 2017-18 over same period of last year...... India's consumption of total finished steel saw a growth of 5.4 per cent in April-January 2017-18 (to 72.497 mt) over same period of last year, under the influence of rising production for sale and imports," said the report of the ministry's Joint Plant Committee's (JPC).
Steel Authority of India (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd (TSL), Essar, JSW Ltd and Jindal Steel (JSWL) and Power Ltd (JSPL) together produced 51.717 mt of finished steel for sale during the first ten months of the current fiscal, which was a growth of nine per cent over same period of last year.
The report said overall production for sale of total finished steel at 9.543 mt in January 2018, only was up by 5.7 per cent over corresponding month of 2017 but grew by 6.6 per cent over December 2017.
"During April- January 2017-18, crude steel production was 84.42 mt, a growth of 4.2 per cent over same period of last year," the report said.
According to it, the consumption at 7.629 mt in the last month (January 2018) was up by 6.8 per cent over same month of previous financial year.
Imports in January 2018 only was however at 0.335 mt, down by 44.5 per cent over year-ago month.
"Overall exports in January 2018, at 0.616 mt, was down by 30.8 per cent over January 2017 and was down by 36.1 per cent over December 2017," it added.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.