India’s crude steel production dropped to 102.438mn mt in FY2021 (April-March), down by 6.1pc from the prior year, while finished steel production fell to 94.656, down by 7.8pc due to COVID-19-related lockdowns and restrictions for nearly six months.
Consumption dipped by 6.7pc to 93.429mn mt from a year ago, according to official data. The drop in output and consumption is less that what was expected in the fiscal year, indicating rapid surge in production and demand in the post-lockdown period.
India was a net exporter of finished steel in FY2021. Import of finished steel declined by 29.8pc at 4.753 mn mt while exports saw a surge of 29.1pc at 10.785 mn mt. This was due to lack of domestic demand in the first six months and a surge in international price, encouraging mills to divert volumes towards export.
In March, crude steel production stood at 9.66mn mt, 19pc higher than prior-year. Production of hot metal was at 6.79 mn mt, a decline of 11.6pc, while Pig iron output was at 395,000mt, a decline of 53.9pc from FY2020. Finished steel production in March was at 9.05mn mt, 25.7pc higher than prior-year.