Metals - #SectorUpdates
During the July-September period of the ongoing financial year, India’s crude steel output rose by 2.56 per cent to 30.06 million tonne (MT). The top six steel makers produced 18.29 MT steel, as per research firm SteelMint, the rest 11.77 MT came in from the secondary sector. The domestic consumption was 11.33 per cent higher at 27.52 MT, as against 24.72 MT in July-September 2021. Experts have opined that the production is expected to increase in the quarter as mills have resumed production after a brief maintenance shut down taken in the last quarter. Recently, the Government waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. The move was aimed at increasing the availability of these raw materials for the domestic manufacturers.