- Crude steel, finished steel production increase m-o-m
- Finished steel consumption increases m-o-m
Finished steel imports into India experienced a fall of 31.9% m-o-m to 0.575 million tonnes (mnt) in March 2024 as compared to 0.844 mnt in February 2024. However, imports rose by 34% y-o-y from 0.429 mnt in March 2023.
In April 2023-March 2024, imports increased by 38.1% y-o-y to 8.319 mnt against 6.022 mnt in the same period last year.
Finished steel exports see decline m-o-m
In March 2024, India’s finished steel exports declined by 11.5% m-o-m to reach 0.842 mnt, compared to February’s 1.026 mnt. Exports y-o-y increased by 3.7% from 0.812 mnt recorded in March in the previous year, as per provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel.
The cumulative export volume for April 2023-March 2024 showed positive growth, increasing by 11.5% y-o-y to 7.486 mnt compared to 6.716 mnt in the same period a year ago.
Crude steel production increases m-o-m
Crude steel production increased by 5.6% m-o-m from 12.454 mnt in March 2024 to 11.799 mnt in February 2024. Moreover, production displayed y-o-y growth of 5.6%, surpassing 11.794 mnt produced in March 2023. For the period of April 2023- March 2024, cumulative crude steel output remained positive, registering a 12.9% y-o-y increase. Production reached 143.591 mnt in the said period against 127.197 mnt in the same period previous year.
Finished steel production increases m-o-m
India’s finished steel production experienced an increase by 6.2% m-o-m to 12.165 mnt in March 2024 as compared to 11.450 mnt in February 2024, while maintaining robust growth y-o-y of 4.3%, surpassing 11.664 mnt produced in March 2023.
For the period April 2023-March 2024, cumulative finished steel production registered a significant 12.4% y-o-y increase. Production reached 138.484 mnt, compared to 123.196 mnt in the same period of the previous year.
Finished steel consumption rises m-o-m
India’s finished steel consumption rose by 4.3% in March 2024, reaching 12.137 mnt from 11.633 mnt in February 2024. On a y-o-y basis, consumption grew by 8.5% compared to 11.189 mnt in March 2023.
This strong performance extended to the cumulative period of April 2023- March 2024, where total finished steel consumption climbed to 135.959 mnt, a 13.4% increase from 119.893 mnt recorded during the same period in the previous year.
