India registered a 46.9 per cent year-on-year growth in its crude steel output at 9.2 million tonnes (MT) in May, according to worldsteel data. The country had produced 5.8 MT steel in the same month a year ago. “The production of the 64 countries reporting to the World Steel Association (worldsteel) was 174.4 MT in
Union Steel Minister Dharmendra Pradhan urged all stakeholders of the sector to come together to ensure that industries use only domestically produced steel. In the last few quarters, domestic demand for steel has declined due to the economic slowdown followed by the COVID-19 outbreak and resultant shutdowns. “Unless all the stakeholders including the mining industry,
Indian steel industry’s gross spreads per tonne for both hot rolled coil (HRC) and rebar is expected to fall in the second quarter of FY21 with a further fall in steel prices due to oversupply, said India Ratings and Research in a sector report . “As domestic production will gradually increase with the easing of
