SteelMint: Q3 2022 Steel Output Surged in India

SEATTLE (Scrap Monster): According to research firm SteelMint, the crude steel output by India recorded modest surge in the July-September quarter this year. The output totalled 30.06 million tonnes during the quarter, which is higher by 2.5% over the corresponding quarter a year before. The country’s crude steel production had totalled 29.31 million tonnes in Q3 2021.

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The top six steelmakers- SAIL, Tata Steel, JSW Steel, JSPL, AMNS/India and RINL together produced 18.29 million tonnes of steel, accounting for over 60% of the total output. The remaining 11.77 million tonnes of steel were produced by secondary sector, said SteelMint data.

During the third quarter of the ongoing financial year, the steel exports by the country recorded significant decline from 4.20 million tonnes a year before to 1.41 million tonnes, thus falling by 66.43% year-on-year. On the contrary, the domestic steel consumption in the country surged higher by over 11% from 24.72 million tonnes in Q3 2021 to 27.52 million tonnes in July-September this year.

Commenting on the future outlook, SteelMint noted that production is likely to increase in Q4. Meantime, the exports will continue to remain subdued, primarily due to prevailing high export duty structure and weak global market demand, it said.