Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s finished steel consumption reached a 100mn mt milestone in the  fiscal 2020 (April 2019-March 2020) as per Davis Index sources. Crude steel production declined by 1.5pc to 109mn mt from a year ago while finished steel production, including alloys like stainless and non-alloys marginally grew by 0.8pc to 102mn mt amid the COVID-19 pandemic. Most steelmakers in India have scaled-down production to adjust with weak downstream consumer demand.  

Domestic steel requirements were mostly achieved from in house production and share of imports was at 6.8pc during the fiscal year. 


India’s steel production in March 


(mn mt)

 2019-20 2018-19Change (%)
Crude Steel 109.2110.9-1.5
Hot Metal7374.3-1.8
Finished Steel102.1101.30.8
Pig Iron5.56.4-14.1
Sponge Iron37.134.77


Exports of steel exceeded imports during in 2019-20 and India became a net exporter in the year. Imports were hit by the pandemic and fell by 18.5pc to 7.16mn mt, while exports rose by 30.9pc to 11.2mn mt .

India exported 2.8mn mt of semi-finished steel, a rise of 29.5pc. Finished steel exports were 8.35mn, up by 31.4pc from the prior year. India’s imports of steel from China declined by 22pc on the back of COVID-19. China had increased export tax rebates in Q4 of fiscal 2020 to boost exports.




Leave a Reply

Your email address will not be published.