Tata Steel BSL’s crude steel production remained steady at 1.171mn mt, while sales volumes dipped to 1.119mn mt in Q1 due to partial lockdowns in some Indian states. Sales fell on temporary suspension of manufacturing activities in steel-consuming sectors amid the second wave of COVID-19 pandemic. Compared to the last quarter or Q4FY2020, crude steel production fell marginally by 0.34pc, however, sales volume declined by 6pc in Q1.
In Q1, crude steel production increased by 78pc from the prior year quarter on the back of low base in Q1FY2020 due to the strict COVID-19-related lockdown. Sales volumes in Q1 rose by 61pc from the prior year quarter.
Domestic demand has been improving since mid-June with the easing of lockdowns, stated the company’s release.