India’s crude steel output rose by 0.2pc in October to 9mn mt from the prior October but increased by 5.7pc from September as domestic steel demand increased allowing steel producer to ramp up production to pre-pandemic levels, according to preliminary official data. Domestic steel market improved with apparent consumption up by 7.7pc from September to 8.6mn mt, which is down only 2pc from the prior October.
Finished steel exports fell by 41.6pc to 555,000mt from the prior October as steel producers focused on domestic markets, while imports dropped by 42.pc to 362,000mt. Compared to September, India’s finished exports declined by 35.8pc, most of which is due to a recovery of demand from domestic auto manufacturers. Steelmakers also managed to raise steel prices to offset the rise in raw material prices. In October, finished steel imports increased by 13.9pc from September.
|India’s steel production in October (mt)|
|Production||Oct-20*||Oct-19||Change YoY||Change MoM|
|* October 2020 data is provisional, while October 2019 data is final|
In the Apr-Oct period, India’s crude steel production dropped by 18.2pc to 52.36mn mt from the prior period, pulled down by the impact of the COVID-19 pandemic. While, finished production fell by 21.6pc to 47mn mt, while pig iron production dropped by 28pc to 2.45mn mt. In the seven-month period, finished steel exports rose by 45.3pc to 7.09mn mt from the prior year period, while imports dipped by 49.5pc to 2.36mn mt. Apparent steel consumption declined by 25.6pc to 44.51mn mt in the period.