Steel makers clock year-on-year increase in production
India's top steelmakers are seeing a healthy year-on-year increase in production on the back of a low base in the first quarter of last year, but the slump in domestic demand means they must continue with exports to keep inventory low.
Tata Steel has reported a 55% jump in production in Q1 of FY 22 to 4.62 MT.
"Tata Steel's automotive and special products' segment deliveries increased by around seven times year-on-year against the estimated three times yoy increase in automotive OEM's production in Q1 of FY22," the company said, adding that its branded products and retail segment deliveries were higher by 112%.
Industrial production, including that in the steel sector, was badly impacted last year after the outbreak of Covid-19.
Among other steel plants, JSW Steel has reported a 10% jump in production in May. However, the company has increased long steel production to 55%, denoting a recovery in infrastructure and construction.
Jindal Steel and Power has reported a 31%YoY rise in steel production to 13.71 lakh tonnes during April and May.
ArcelorMittal Nippon Steel India's production in April-June was around 1,831 kilo tonne, up 50.45% from year-ago quarter.
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