Q3 steel production data shows revival in domestic demand
Revival in the domestic steel demand is now evident as India’s leading steel manufactures, including Tata Steel Ltd and JSW Steel Ltd, reported a healthy jump in production and sales during the third quarter of the current financial year.
According to a BSE filing, Tata Steel posted a 27% increase in third quarter sales at 2.99 million tonne (MT), compared with 2.34 MT during the corresponding period last year.
JSW Steel registered a 43% jump in crude steel production at 3.86 MT in the third quarter of the ongoing fiscal.
Meanwhile, India’s consumption of steel during April-December 2016 was at 61.517 MT, 3.3% higher than the corresponding period last year, according to joint plant committee (JPC) data.
For the nine-month period of 2016-17, JSW Steel reported crude steel production of 11.70 MT — 25% higher than the year-ago period.
Meanwhile, Tata Steel’s saleable steel output during April-December 2016 stood at 8.219 MT, compared with 7.152 MT during the same period last year. During the third quarter of the current fiscal, the company’s saleable steel production stood at 3.1 MT, compared with 2.5 MT during the year-ago period. The company’s hot metal output zoomed to 9.5 MT in April-December 2016, up 20% than the same period last year.
According to provisional data compiled by JPC, Steel Authority of India Ltd (SAIL), Rashtriya Ispat Nigam Ltd (RINL), Tata Steel Ltd, Essar Steel, JSW Steel and Jindal Steel and Power Ltd (JSPL) together produced 41.251 MT of steel during April-December 2016, which was 17.3% more than the same period last year.
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