Having survived the inevitable slowdown in demand caused by the COVID-19 pandemic, the steel industry in India has embarked on a recovery path. The industry has rebounded, according to the Steel Ministry, as crude steel production in the country reached 6.9 million tonnes in June. Steel production in India was 6.9 million tonnes, up 17.7% from May 2020. In addition, steel production in India rose to 7.1 million tonnes from 6.9 million tonnes in June 2020.
With a net loss of US $ 559 million for the second quarter ended June 30, 2020, ArcelorMittal called the quarter “the most challenging period in its history”. Fortunately, CEO Aditya Mittal said operations at ArcelorMittal Nippon Steel India’s (formerly Essar Steel) plant in Khazira in Gujarat are currently operating at full capacity with further visible recovery in the future.
In terms of prices, retail prices for HRC (Hot Rolled Coil), CRC (Cold Rolled Coil) and Rebar rose 1.43 percent, 1.69 percent and 2.17 percent respectively in June, driven by the relaxation of quarantine along with increased exports. within a month. The Sensex and BSE Metal indices on the Bombay Stock Exchange (BSE) recorded 6.1 percent and 4.7 percent gains, respectively, in June 2020, indicating a rise in demand after the lockdown, according to The Economic Times.
India’s finished steel exports grew sharply by 140% in the fourth month of fiscal 2021, according to ICRA, while exports of both semi-finished and finished steel products grew even higher at 207% over the same period.