India’s crude steel production at 6.8 million tonnes in June

Yash Sapra, INN/Delhi, @infodeaofficial

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 tonnes,  according to the Ministry of Steel At 6.8 MT the production was 17.7 percent higher over May 2020  but on a year on year basis it was lowered by 27.2 percent over June 2019 the ministry’s over June 2019 the ministry stated in an update. 

It noted that economic activities after hitting the nadir in April  2020 due to the spread of the COVID-19 pandemic and nationwide lockdown, have started showing signs of improvement from May 2020. This Was reflected in the performance of eight core industries of 40.27%  which as against a decline of 37% in April 2020 registered a decline of 23.4 % in the month of May 2020 the index of Steel production which fell sharply by 83.9%  in April 2020 registered a decline of 48.4 % in May 2020 the ministry stated. On the output of Steel, it said the production has shown a consistent improvement after witnessing a decline in April this fiscal. The Ministry said the production of Steel in June 2020 at 5.9 MT was Up by 15.6% compared to 5.1 MT in May 2020. However the year on year basis the output of finished Steel in June 2020 was lowered by 33.3%. On Nand ointment bases in June 2020, the retail prices of  HRC, CRC, and rebar increased by 1.43 %, 1.69 percent, and 2.1 7% respectively, due to uptick in various activities because of phased relaxation in lockdown along with an increase in exports during the month.

The BSE Sensex and metal indices registered an increase of 6.1% and 4.7% respectively in the month of June 2020 indicating recovery after lockdown it stated. The government has set a target of scaling up India’s crude steelmaking capacity of 300 million tonnes by 2030. The ministry also said while ensuring an increase in the 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. The JSW steel will expand capacity to produce around 27 million tonnes of crude steel by the financial year 2022 from about 18 mt in the fiscal year 2020, joint managing director Seshagiri Rao said.

 

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