India's crude steel output soars 4% to over 125MT in FY23: Report

India’s crude steel production surged by 4.18 per cent to 125.32 million tonnes (MT) in 2022-23, according to research firm SteelMint. 

During the previous fiscal year 2021-22, the country produced 120.29 MT of steel, the research firm stated.

The production of finished steel stood at 121.29 MT, up 6.77 per cent compared to 113.60 MT a year ago.

Further, as per the report, domestic consumption of steel soared by 12.69 per cent to 119.17 MT against 105.75 MT in 2021-22.

A SteelMint analyst attributed increasing infrastructure activities to higher production and consumption of steel in India.

Steel exports declined by 50 per cent to 6.72 MT from 13.49 MT a year ago. Imports rose about 29 per cent to 6.02 MT in FY23 from 4.67 MT in 2021-22.

Source: Media reports

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