The Ministry of Steel said the steel sector in India has started showing signs of improvement and in the month of June the country's crude steel production stood at 6.8 million tonne (MT). At, 6.8 MT, the production was 17.7 per cent higher over May, 2020, but on a year-on-year basis it was lower by 27.2% over June 2019. It noted that economic activities, after hitting the nadir in April 2020 due to spread of COVID-19 pandemic and nationwide lockdown, have started showing signs of improvement from May 2020.
On the output of steel, it said the production has shown a consistent improvement after witnessing a decline in April this fiscal. The ministry further said the production of finished steel in June 2020 at 5.9 MT, was up 15.6% compared to 5.1 MT in May 2020. However, on year-on-year basis, the output of finished steel in June 2020 was lower by 33.3%.
On month-on-month basis, in June 2020, the retail prices of HRC (hot rolled coil), CRC (cold rolled coil) and rebar increased by 1.43%, 1.69% and 2.17% respectively, due to uptick in various activities because of phased relaxation in lockdown along with an increase in exports during the month. The ministry also said while ensuring increase in production of steel and its consumption, it is also necessary to identify and address the challenges the users face in terms of adopting domestic steel products.
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