Crude steel production of India rose by 5.2% to 9.235 million tonnes (MT) in May 2019 compared to last year same month's 8.779 MT. As per data, the crude steel output during April-May 2019-20 stood at 18.020 MT, up by 3.4% from last year same month's 17.432 MT.
Finished steel output of May increased by 1.6% to 10.848 MT from 10.674 MT in the year ago month. During April-May, the output of finished steel at 21.371 MT was 1% higher than 21.156 MT in same period last year. The consumption of finished steel in May rose by 6.6% to 8.780 MT from 8.240 MT in May 2018.The consumption in the first two months of the ongoing fiscal was at 16.286 MT, 6.5% higher as compared to 15.286 MT in the same period of the preceding fiscal.
During May, both exports and imports of finished steel marked a decline. Exports in May 2019 declined by 28.5% to 0.318 MT from 0.445 MT earlier. For April-May, the exports were down 29.8% at 0.715 MT as compared to 1.018 MT in April-May 2018-19. In May 2019, the imports fell 13.6% to 0.535 MT from 0.619 MT earlier. Imports of finished steel during April-May at 1.121 MT were 8% lower than 1.218 MT of previous year same month.
Besides, India had set an ambitious target of ramping up its steel making capacity to 300 MT by 2030-31.
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