NEW DELHI: India’s total steel production declined 0.8% in September as demand continued to remain weak and imports rose.
India’s total finished steel production in September stood at 7.34 million tonnes, 0.8% lower than September last year, according to data released by the joint plant committee (JPC), a statistical body under the ministry of steel.
Total finished steel production for sale for the April-September period also fell 0.5% to 45 million tonnes. India’s finished steel imports in the same period rose 41.44%.
The Indian steel industry has been struggling with an inflow of cheap steel imports, as the global steel industry suffers a demand-supply mismatch. In addition, demand growth in India has been subdued as offtake from infrastructure and real estate remains weak.
According to JPC data, India’s total steel demand rose 4.1% in the April-September period, most of the incremental demand being met with imported steel. The country imported about 5.4 million tonnes of finished steel in the same period.
On 14 September, India announced a provisional 20% safeguard duty on certain categories of steel for 200 days to protect domestic steel manufacturers from the influx of cheap steel imports. The full impact of the duty will be seen in the coming months once steel consignments booked post the announcement land at Indian ports.
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