Tata Steel on Friday said that its production volume in India registered a marginal 1.8 per cent increase to 4.46 million tonnes (provisional) in the third quarter of the ongoing financial year. Its production volume was at 4.38 MT (actual) in the year-ago period, the steel major said in a filing to BSE.
Tata Steel India's sales volume in the third quarter of the ongoing fiscal increased by 17 per cent quarter-on-quarter (QoQ) with improved market sentiment. Sales volume to auto segment was maintained during the quarter, it said.
The branded product and retail segment grew 23 per cent QoQ, while industrial products and projects grew 12 per cent QoQ.
"Tata Steel Europe's 3QFY20 production and sales volume was flattish on QoQ basis. Tata Steel South East Asia operations registered lower production volume QoQ due to continued sluggishness in Singapore and Thailand markets," it said.
The Indian economy, it said, remained weak with declining private consumption growth and low investment growth.
Domestic steel prices reached a nadir in October 2019 before improving from November onwards.
Steel prices are expected to improve with strong retail demand and ongoing restocking demand at the dealers' ends, it said. Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum.