Posted on 10 Apr 2023
India's crude steel output rose to 125mn t in the financial year ended March 2023, while finished steel exports declined by 50pc owing to an export duty imposed by the government last year.
Crude steel output in April 2022-March 2023 rose by 4.2pc from the previous year's 120mn t, provisional data from the steel ministry's joint plant committee (JPC) show.
Finished steel production during the period rose by 6.8pc on the year to 121mn t, while consumption increased by 12.7pc against the previous year to 119mn t. Finished steel comprises alloyed and non-alloyed steel.
Exports of finished steel dropped to 6.72mn t, down by 50pc from 13.5mn t in April 2021-March 2022. Finished steel imports rose by 29pc on the year to 6.02mn t.
A 15pc export tax on several steel products imposed by the Indian government during May–November 2022 and weaker international steel demand weighed on exports last year.
Shipments from Russia, Japan, Vietnam, South Korea and China made their way into the Indian market as lower international steel prices made imports attractive.
Crude steel output in March rose by 0.6pc on the year to 11.2mn t, while finished steel output rose by 2pc to 10.8mn t. Finished steel consumption rose by 13.2pc to 10.9mn t.
Finished steel exports were at 812,000t in March, the highest monthly export figure during April 2022-March 2023. Shipments in March dropped by 32pc on the year, but rose by 41pc on the month.
India became a net exporter of steel in March after five consecutive months of being a net importer. Exports have steadily increased since the removal of export duties in mid-November, especially to EU countries.
March imports rose by 22pc from the previous year to 429,000t, but dropped by 28pc on the month. Higher international steel prices since the beginning of the year have deterred new import bookings in the country.
Hot metal output during April 2022-March 2023 rose by 3.4pc to 80.9mn t, while pig iron production declined by 6.5pc to 5.9mn t. Hot metal output during March rose by 1.5pc on the year to 7.39mn t, while pig iron production last month declined by 24pc to 496,000t.
| India steel data | 000t | |||||
| Mar-23 | Mar-22 | ± % | Apr-Mar 2023 | Apr-Mar 2023 | ± % | |
| Finished Steel | ||||||
| Production | 10,809 | 10,598 | 2 | 121,291 | 113,597 | 6.8 |
| Consumption | 10,985 | 9,701 | 13.2 | 119,169 | 105,753 | 12.7 |
| Exports | 812 | 1,195 | -32 | 6,716 | 13,494 | -50.2 |
| Imports | 429 | 351 | 22.3 | 6,022 | 4,669 | 29 |
| Crude Steel production | ||||||
| SAIL | 1,751 | 1,651 | 6 | 18,291 | 17,363 | 5.3 |
| TATA Steel | 1,740 | 1,917 | -9.2 | 19,778 | 19,464 | 1.6 |
| AM/NS + JSW + JSPL | 3,089 | 3,217 | -4 | 34,298 | 32,775 | 4.6 |
| RINL | 398 | 393 | 1.4 | 4,137 | 5,272 | -21.5 |
| Others | 4,208 | 3,938 | 6.9 | 48,815 | 45,419 | 7.5 |
| Total | 11,186 | 11,116 | 0.6 | 125,318 | 120,293 | 4.2 |
| Source: JPC | ||||||
Source:Argus Media
