India's steel output grows 8.37% to 33.63 MT in Apr-Jun: SteelMint

India's crude steel production increased by 8.37 per cent in April-June period to 33.63 MT and the momentum is likely to continue in the current quarter as well, according to SteelMint.

Higher production and capacity ramp-up activities by steel mills will meet the increasing demand, the research firm said in a note.

India had produced 31.03 million tonnes (MT) of steel in the April-June quarter of the preceding 2022-23 financial year, SteelMint data showed.

Finished steel production in India rose 11.66 per cent in the quarter under review to 32.41 MT, from 29.03 MT in the same quarter a year ago.

The domestic steel consumption rose 10.16 per cent to 30.29 MT from 27.50 MT a year ago.

The imports of steel surged to 1.40 MT in April-June 2023, posting a 19.54 per cent rise over 1.17 MT in the year-ago period.

"Price disparity in landed cost of imports and prevailing domestic hot-rolled coil (HRC) prices boosted imports," a SteelMint analyst said.

Exports shrinked 6.39 per cent to 2.05 MT from 2.19 MT in April-June 2022.

Subdued global demand and cost effective offers from China amidst higher production and exports affected domestic outbound shipments of steel, the analyst said.