Steel production rises 4.5%, consumption up 8.4% during April-Dec in FY19

21-January-2019

India’s finished steel production during April to December period of the current financial year (FY19) rose by 4.5 per cent to 97.358 million tonnes (mt) while the country’s consumption grew by 8.4 per cent to 71.862 mt in the same period, a Steel Ministry’s report said.

However, India’s finished steel export during the first nine months of 2018-19, was down by 38.5 per cent to 4.675 mt over the same period of 2017-18 and imports during the period under review stood at 5.908 mt, down by 3.1 per cent over corresponding months of previous fiscal.

India was a net importer of total finished steel in April-December 2018.

“Gross production of total finished steel was at 97.358 mt, and grew by 4.5 per cent during April-December 2018 over the same period of last year,” the ministry’s Joint Plant Committee’s (JPC) report said.

It also said, “India’s consumption of total finished steel saw a growth of 8.4 per cent in April-December 2018 (71.862 mt) over same period of last year, under the influence of a rising indigenous supply side.

Steel Authority of India (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd (TSL), Essar, JSW Ltd and Jindal Steel and Power Ltd (JSPL) together produced 54.154 mt during April-December 2018 which was a growth of 6.2 per cent over same period of last year.

The rest, 43.204 mt, came from the other producers, clocking a growth of 2.4 per cent over the same period of previous year.

According to it, the production of total finished steel was at 11.422 mt in December 2018, up by 4.3 per cent over corresponding month of previous year and it was up by 4.9 per cent over November 2018.

Consumption stood at 8.339 mt in December, up by 9.4 per cent over year-ago month and was also up by 9.2 per cent over previous month (November 2018), the report said.

Imports in the last month only, stood at 0.548 mt, down by 2.5 per cent over corresponding month of previous year and was up by 6 per cent over November 2018.

“Exports stood at 0.367 mt in December 2018, down by 61.9 per cent over December 2017 and was up by 7.9 per cent over November 2018,” it added.

Source: IANS