Last updated: February 05, 2023, 4:25 PM IST
According to SteelMint, crude steel production in India will increase by 5.80 percent to 124.45 million tonnes (MT) by 2022. The country had produced 117.63 tons of crude steel in 2021, the market research firm said. Finished steel production was 110.03 tons, up from more than 104.54 tons a year ago, SteelMint said in its latest report.
Finished steel consumption increased to 106.48 tons, up from 98.39 tons in 2021, an 8 percent year-on-year increase. SteelMint attributed the rise in production and consumption to “the government’s continued focus on the infrastructure sector”. .
At 4.77 tons, imports were 21 percent higher against 3.94 tons in 2021. Exports registered a sharp drop of 44 percent to 10.37 tons in 2022 from 18.5 tons a year ago. Imports of coking coal as a feedstock were nearly flat in 2022 at 55.94 metric tons, the report said.
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