ACCOUNT PROFILE

Steel Output to Hit 120 MT This Financial Year in India

Posted on 07 September 2021

The country’s crude steel output is expected to surge higher significantly by 18% to hit 120 million tonnes (MT) by the end of the current financial year, said Faggan Singh Kulaste, India’s Minister of State for Steel. Also, the steel demand is likely to cross 100 MT in FY22, he added.

The country had produced around 102 MT of crude steel in the previous financial year, falling by over 6% from FY20, mainly on account of lockdowns imposed across the country to contain the spread of the Covid-19 pandemic.

The Indian steel production totalled 37.527 MT in April-July ’21, significantly higher by 44.6% over the prior year period. Based on the current production trends, the country’s production is estimated to total around 115-120 MT in FY 2021-’21.

The steel consumption by the country registered a decline by 6.7% over the previous year to total 93.43 MT during the financial year ended March this year. The consumption is expected to cross 100 MT. The major infrastructure projects under progress will significantly boost the country’s steel demand, said the Minister. He further stated that the government has taken several measures to promote domestically manufactured steel, so as to prevent overdependence on imported steel products.

Source : Scrap Monster