Steel exports up, production down

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According to the latest data provided by the Ministry of Steels Joint Plant Committee, domestic production of finished steel fell by 10.3 per cent on a year-on-year basis to 85.6 million tonnes during the first 11 months of the just-concluded financial year. Consumption during the same period too fell by 9.9 per cent to 84.7 million tonnes. Exports for the 11 months have risen 22 per cent on a year-on-year basis to 9.5 million tonnes. On the other hand, imports are down 9 per cent to 4.3 million tonnes. Steel producers made rapid gains after producing half their usual volume during the initial months of the pandemic. Production during February rose 7.4 per cent on a year-on-year basis to 9.2 million tonnes. The scale-up comes amid a sharp rise in domestic and global steel prices, said a report.