SteelMint Predicted Uptrend in Steel Output in H2 2023

SEATTLE (Scrap Monster): According to SteelMint, the uptrend in steel output in India during the initial half of the year is likely to continue in H2 2023 as well. The country had recorded crude steel production of 66.14 million tonnes in Jan-Jun ’23, recording a year-on-year growth of 5%. The domestic steel industry in the country had produced 66.14 million tonnes of crude steel in H1 last year.

The research firm attributed the rise in production to improved capacity utilisation rates and significant ramping up of steelmaking capacities by major players. The same factors will continue to support increased production in the second half of 2023, it noted.

Meantime, the domestic steel consumption too witnessed significant jump by 11% during the first half of the year. The consumption totalled 58.4 million tonnes in H1 2023, as compared with 52.7 mt in the corresponding six-month period in 2022.

On the contrary, steel exports from the country recorded sharp decline through June 2023. The exports dropped by nearly 30% year-on-year, falling from 6.70 million tonnes to 4.74 million tonnes. The dip in demand in traditional import markets coupled with availability of cheaper steel from China were the primary reasons behind the fall in steel export volumes from India, SteelMint noted.

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