India's crude steel output grows to over 124 million tonnes in 2022; consumption rises to 106 million tonnes: SteelMint

India’s crude steel production rose by 5.80 per cent to 124.45 million tonne (MT) in 2022, according to SteelMint.

The country had produced 117.63 MT crude steel in 2021, the market research firm said. The production of finished steel was at 110.03 MT, up from over 104.54 MT a year ago, SteelMint said in its latest report. The consumption of finished steel rose to 106.48 MT, as against 98.39 MT in 2021, a year-on-year rise of 8 per cent.

SteelMint attributed the increase in output and consumption to ”continuous focus of the government on the infrastructure sector.” According to the report, the exports in 2022 have registered a fall over the previous year, while the imports have grown in the year ended December 31.

At 4.77 MT, the imports were 21 per cent higher against 3.94 MT in 2021. The exports registered a sharp fall of 44 per cent to 10.37 MT in 2022 compared to 18.5 MT a year ago. The import of raw material coking coal was almost flat at 55.94 MT in 2022, the report said.