India's crude steel production increased 14.7% to 69.65 million tonnes (MT) during the April-September period of 2023-24 fiscal year. The industry research agency reported that 61.06 MT of steel was produced during the same time last year.
According to the report, the increase in production was mostly caused by higher capacity utilisation rates and capacity expansion by important Indian steel companies.
The expansion of output will be supported by these variables even in the second half of the current fiscal year. Additionally, domestic finished steel consumption increased 14.77% to 63.99 MT from 55.75 MT in the same period a year prior. Exports fell 10.25 percent to 3.23 MT during the time from 3.60 MT in April-September 2022–2023.
The inbound shipment increased by 13.33% year over year to 2.90 MT from 2.56 MT in the preceding period. The top six steel producers, namely Tata Steel, JSW Steel, Jindal Steel and Power (JSP), AMNS India, SAIL, and RINL, produced 41.24 MT collectively as compared to 38.3 MT in the same period last year.