India's crude steel output grows 5 pc to 9.235 MT in MayPTI | New Delhi | Updated: 14-06-2019 18:27 IST | Created: 14-06-2019 18:24 IST
India's crude steel output grew 5.2 per cent to 9.235 million tonnes (MT) during May 2019, according to official data. The country had produced 8.779 MT crude steel during the same month in 2018, a steel ministry report said.
During April-May 2019-20, the production stood at 18.020 MT, up 3.4 per cent from 17.432 MT in the corresponding period of the previous fiscal. Production of finished steel in May rose 1.6 per cent to 10.848 MT from 10.674 MT in the year-ago month.
During April-May, the output of finished steel at 21.371 MT was 1 per cent higher than 21.156 MT in the same period last year. The consumption of finished steel in May rose by 6.6 per cent to 8.780 MT from 8.240 MT in May 2018.
The consumption in the first two months of the ongoing fiscal was at 16.286 MT, 6.5 per cent higher as compared to 15.286 MT in the same period of the preceding fiscal. During May, both exports and imports of finished steel recorded a fall.
Exports in May 2019 declined by 28.5 per cent to 0.318 MT from 0.445 MT earlier. For April-May, the exports were down 29.8 per cent at 0.715 MT as compared to 1.018 MT in April-May 2018-19.
In May 2019, the imports fell 13.6 per cent to 0.535 MT from 0.619 MT earlier. Imports of finished steel during April-May at 1.121 MT were 8 per cent lower than 1.218 MT in the corresponding period of the preceding fiscal.
"Imports of finished steel have shown a mixed trend from January to May 2019. India remained a net importer of the steel during May 2019," the report said. India has set an ambitious target of ramping up its steel-making capacity to 300 MT by 2030-31.