Indian steel industry is showing signs of improvement, especially since past three months with although marginal, but month-on-month increase in its crude steel production.
The country’s crude steel production has registered an increase of 2% in Aug’16 against Jul’16 and is recorded at 8.24 MnT.
If Y-o-Y comparison is done, the domestic steel industry is performing far better in current year as compared to previous year. India’s crude steel output in Aug’16 have surged by 11% against 7.43 MnT in Aug’15.
In first eight months of 2016 from Jan to Aug country’s crude steel output totalled to 63.01 MnT, up by 4% against 60.61 MnT in corresponding period of previous year.
Indian steel biggies like JSW and SAIL are aiming for record output in financial year FY 17 against the backdrop of expected increase in country’s steel demand by 5%in current financial year.
On account of various trade restrictions such as safeguard duty, anti-dumping duty, imposed by Indian government on steel imports, the domestic players are motivated to increase their market share in the country’s domestic steel market.
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