Industries 

Domestic Steel Output Up 4.6% At 8.5 MT

As per the official data, the domestic crude steel production went up by 4.6 per cent at 8.45 million tonnes in July 2017. But a year ago in the same month, the total output of domestic crude steel was of 8.082 MT.

Under the Ministry of Steel, the Joint Plant Committee has committed that during the quarter April-July 2017, crude steel production was 33.011 MT. The growth of 3.8 per cent was observed when compared to the same period of the last year.

Domestic Steel

The large steel producers like SAIL, RINL, TSL, Essar, JSWL and JSPL together produced 18.795 MT of crude steel, while 14.216 MT comes from other producers.

During the first quarter of the preceding fiscal year, India had produced 31.80 MT crude steel.

Hot metal output stood at 21.397 MT in April-July and has registered a growth of 1.8 per cent over the same period last year. The JPC has disclosed a fact in its report that the overall hot metal production was at 5.526 MT last month. When compared to July 2016, it has marked growth by 3.5 per cent and 6.1 per cent when compared to June 2017.

The pig iron production of India for sale was at 3.043 MT during the four-month period. The fall of 3.2 per cent over the same period last year. Over June 2017, the overall production for sale of pig iron was at 0.758 MT last month, which was up by 0.5 per cent and was down 4.2 per cent over July 2016.

The country’s total production of finished steel for sale was at 34.43 MT during April-June 2017. As per the report, total production increased by 6.9 per cent over the same period of last year.

India is said to be the third largest producer of crude steel in the world. China and Japan are leading countries to produce crude steel. However, India is on way to lead and acquire a second spot in terms of producing largest crude steel.

India’s steel ministry has set an ambitious target for upcoming years. They wish to take steel output to 300 MT by 2030-31 from 100 MT at present. Apart from approving the National Steel Policy 2017, the government is also taking various measures to boost the sector.

Government has also approved another policy to offer preference to domestically manufactured iron and steel products.

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