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India's finished steel consumption climbed by 18pc in September owing to strong demand from government infrastructure projects, while exports tumbled by 73pc amid weaker international demand.
Finished steel consumption last month rose by 18pc on the year to 11.2mn t, while production rose by 13pc to 10.9mn t, provisional data from the steel ministry's joint plant committee show. Finished steel comprises alloyed and non-alloyed steel.
April-September consumption rose by 15pc on the year to 63.9mn t, while production increased by 13pc to 66.1mn t.
Domestic steel demand has been firm on the back of strong infrastructure activity across the country as projects are due for deadline ahead of next year's general elections. Weaker economic activity and higher interest rates have sapped international steel consumption.
Exports of finished steel fell by 73pc on the year in September to 157,000t — a multi-year low — while April-September exports were lower by 10pc from the previous year at 3.23mn t.
Indian mills refrained from actively offering steel in the export market last month on stronger domestic prices and demand and amidst lacklustre export markets.
Finished steel imports last month fell by 24pc from a year earlier to 381,000t, while April-September imports were up by 13pc to 3mn t. Weaker steel consumption and prices in southeast Asia have kept imports from China, Vietnam and Japan steady in the country and are expected to remain high until November.
India's crude steel production rose by 17pc on the year to 11.4mn t in September. Hot metal production rose by 8pc from a year earlier to 6.92mn t, while pig iron production rose by 18.4pc to 563,000t.
April-September crude steel output was higher by 14pc against the previous year to 69.7mn t, hot metal production rose by 8.4pc to 42mn t and pig iron production was up by 18.5pc on the year to 3.43mn t. (argusmedia.com)
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