Indian Steel Mills Recorded Boosted Sales in August

SEATTLE (Scrap Monster): The steel makers in India reported significant boost in sales during the month of August this year, mainly on the back of strong recovery in demand following the slump in lockdown period.

The state-owned Steel Authority of India (SAIL) saw its sales surge higher by 35% over the previous year to 1.43 million tonnes during the month. The domestic steel sales by the company surged higher by 23% year-on-year to 1.24 million tonnes, whereas the exports skyrocketed by 250% to 194,000 tonnes. Furthermore, the company expressed the hope that the demand will witness stronger recovery as economy returns to normal.

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Meantime, private steelmaker Jindal Steel and Power Limited (JSPL) reported 37% surge in company’s total steel sales to 682,000 tonnes during the month of August this year. The sales too were up by 7% from the same month in 2019. The percentage of exports declined to 42%, as domestic demand showed robust recovery. Tata Steel too confirmed that its sales are less dependent on exports.

It must be noted that India Ratings forecast suggests that growth is likely to remain negative in the coming months, on account of projected drop in demand from various consumer segments including construction, automobile and infrastructure.