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India's crude steel output rose by 2.56 per cent to 30.06 million tonne (MT) during Q2 FY23.
As per research firm, SteelMint, the top six steel makers -- SAIL, Tata Steel, JSW Steel, JSPL, AMNS India, and RINL -- produced 18.29 MT steel, the rest 11.77 MT came in from the secondary sector.
The country had produced 29.31 MT of steel during Q2 FY22, according the data shared by SteelMint.
During the said quarter last fiscal, large producers had jointly manufactured 18.39 MT of steel, while the secondary industry produced 10.92 MT, it said.
During Q2 FY23, steel exports fell to 1.41 MT from 4.20 MT in the year ago period, registering a year-on-year (y-o-y) fall of 66.43 per cent.
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The current spot prices are around 40% lower as compared to peak pricesThe domestic consumption was 11.33 per cent higher at 27.52 MT, as against 24.72 MT in July-September 2021.
On the outlook for the sector during the running Q3, SteelMint said "the production is expected to increase in the quarter as mills have resumed production after a brief maintenance shutdown taken in the last quarter." According to SteelMint, exports will remain low in Q3 owing to the export duty and subdued global market because of high energy cost and inflation.
Export duty
On May 21, the Government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent.
It also 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.
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