The just-concluded financial year of 2023-24 (FY’24) proved to be a fairly good one for India’s steel industry. Provisional data compiled by BigMint reveals that India’s steel mills registered a 12% increase in their steel sales in FY’24 at 140.50 million tonnes (mnt) against 125 mnt seen in the previous fiscal (FY’23). Within this quantum, the share of tier-1 mills touched 80 mnt (73 mnt in FY’23), a 10% increase y-o-y. Tier-2 mills saw a 16% rise to 60 mnt (52 mnt). Steel sales comprise both domestic and exports. Exports from tier-1 mills, it may be noted, struggled, but remained stable at 8.80 mnt. But overall domestic sales of tier-1 and tier-2 mills saw a 13% increase to 132 mnt (116 mnt).
