After Indian steel production was severely affected by the outbreak of the COVID 19 pandemic, it has picked up speed since the third quarter of the current tax period, reports the portal moneycontrol.com. This is probably mainly due to rising demand from the automotive and infrastructure sectors.
According to data from the World Steel Association (WSA), Indian steel production in October rose by almost one percent year-on-year to 9.06 million tons.
However, Indian steel production was one tenth of Chinese production, which the ESC set at 92.2 million tons in October.
For the 10 months to October, data from the Steel Association showed a sharp 14 percent drop in Indian production.
Indian crude steel production in the January-October period was estimated at 79.68 compared to 93.03 in the same period last year.
Steel production in India was adversely affected after a COVID 19 pandemic broke out in March after the Union government announced a shutdown in the iron and steel sector, according to an iron and steel expert.
An industry expert said the steel sector had recovered from an almost 90 percent drop in demand when the corona virus broke out in late February/early March this year.
Source: moneycontrol.com
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