February 6, 2023
The country’s steel sector produced 117.63 MT of crude steel last year
110.03 MT of finished steel was produced last year
Finished steel consumption increased by 8% in 2022
Finished steel consumption in 2021 stood at 106.48 MT
India’s crude steel production increased by 5.80% to 124.45 million tonnes (MT) in 2022, according to a report by research agency SteelMint.
In 2021, the country’s steel sector produced 117.63 MT of crude steel and 110.03 MT of finished steel last year—h up from over 104.54 MT produced during the previous year, as per the report. It further added that finished steel consumption increased by 8% in 2022 from the previous year to 106.48 MT, compared to 2021’s 98.39 MT.
Experts said that this growth can be attributed to the government’s increased focus on the infrastructure sector.
Crude steel exports last year fell by 44% to 10.37 MT, compared to 18.5 MT in 2021. However, the import of coking coal (raw material for steel production) was almost flat at 55.94 MT last year, as per the report.
Source: Moneycontrol