India produced 16.391 million tonne (MT) of crude steel in the first two months of the current fiscal, up 4.5 per cent year-on-year. It had produced 15.683 MT in the same period of last fiscal.
Output in May was 8.163 MT, up 2.2 per cent, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report.
However, on month-on-month basis, it was down 0.8 per cent over April, when the country had produced 8.228 MT. Production for sale of total finished steel during the two-month stood rose 6.7 per cent to 17.546 MT from 16.248 MT in same period of last year.
India has been doing good in terms of exports and maintained the momentum during the second consecutive month of the ongoing fiscal.
The export of total finished steel was 69 per cent up at 0.641 MT in May, as against 0.379 MT in same month last year. However when compared to April 2017, it is a contraction of 14 per cent.
India’s consumption of total finished steel saw a growth of 4.2 per cent in April-May 2017 (13.785 mt) over same period of last year, under the influence of a rising production for sale.
The overall consumption in May was at 7.491 MT, up 19 per cent over April 2017 and was up by 1 per cent over May 2016.