India's crude steel output grows 4% to over 125 MT in FY23

New Delhi: India's crude steel production rose by 4.18 per cent to 125.32 million tonnes (MT) in 2022-23, according to research firm SteelMint.

In the preceding 2021-22 fiscal, the country produced 120.29 MT of steel, the research firm stated.

The production of finished steel was 121.29 MT, up 6.77 per cent from 113.60 MT a year ago.

Domestic consumption of steel rose by 12.69 per cent to 119.17 MT against 105.75 MT in 2021-22.

A SteelMint analyst attributed increasing infrastructure activities to higher production and consumption of steel in India.

Steel exports fell by 50 per cent to 6.72 MT from 13.49 MT a year ago. Imports surged about 29 per cent to 6.02 MT in FY23 from 4.67 MT in 2021-22.

The production of pig iron was at 5.85 MT in FY23, down 6.53 per cent from 6.26 MT in the preceding year.