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India's May crude steel production rises 5% on year amid higher demand

Singapore — India produced about 9.24 million mt of crude steel in May, up 5.2% against 8.78 million mt year on year, provisional data released Tuesday from the Joint Plant Committee showed.

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The higher production came amid a rise in May apparent steel consumption which stood at 8.03 million mt, up 7.4% from 7.48 million mt the year before.

Production of hot metal in May hit 6.27 million mt, up 4% on year while finished steel output reached 10.85 million mt, a 1.6% gain from the previous year.

From April -- when India's financial year typically begins -- to May, crude steel production totaled 18.02 million mt, 3.4% higher year-on-year. Hot metal output rose 1.8% to 12.16 million mt during the two months, while finished steel production was 21.37 million mt, a 1.0% increase.

Overall finished steel consumption for April-May rose 6.5% on year to touch 16.29 million mt.

Although imports and exports both fell in May from the previous year, India was a net importer as exports fell more sharply than imports.

Imports amounted to 865,000 mt, down 10.3% while exports sank to 611,000 mt, a 34.7% plunge -- both against the corresponding month in 2018.

State-run JPC is the sole Indian body authorized to collect data on the domestic steel and iron industry.

-- Clement Choo, clement.choo@spglobal.com

-- Edited by Nurul Darni, newsdesk@spglobal.com