Indian producers expand production capacities
According to recent news in the market, Indian steel producers have started to expand their capacities in recent times due to higher steel prices and favorable market conditions. Higher prices also enabled the producers to increase their profits.
As reported by SteelOrbis, Tata Iron and Steel Corp (TISCO) announced that it plans to increase its
production capacity from 4 million tons to 7.5 million tons. Likewise, Essar Steel plans to increase its capacity from 2.4 million tons to 3.6 million tons. It is stated that other major Indian steel producers such as Vijayanagar Steel and Ispat Industries also work on certain projects to expand their capacities.
Indian producers expressed that, they plan to expand their capacities as demand is high in US, EU and
Middle East, adding that they expect Chinese market to reopen in July.