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The steel sector plays a pivotal role in crucial sectors such as construction, infrastructure, automobile, engineering and defence. Over the years, the steel sector has witnessed tremendous growth and India has emerged as a global force in steel production and the 2nd largest producer of steel in the world.
Production and Consumption
The production performance of the steel sector during the first eight months of the current fiscal year (April – November 2023) has been quite promising. The domestic finished steel production stood at 89.711 million tonnes against 78.498 million tonnes during the corresponding period last year (CPLY) which is 14.3% higher than CPLY. The domestic steel consumption stood at 87.066 million tonnes, which is 14.9% higher than CPLY of 75.765 million tonnes. Domestic crude steel production was 94.114 million tonnes, with a growth of 14.7 % when compared to the production of 82.072 million tonnes in the same period last year.
Import and Export
During April – November 2023, finished steel imports increased from 3.751 million tonnes last year to 4.253 million tonnes in the current year, witnessing a growth of 13.4%.