India is expected to close the fiscal year 2020-21 with finished steel production of 93-94 million mt, down 10 percent from the previous fiscal year, Ranjan Bandopadhyay, executive secretary of the Joint Plant Committee (JPC) under the Ministry of Steel and the sole official compiler of industry data, said on Friday, February 26.
At this level, India’s total crude steel production during the current fiscal year could be expected at 100 million mt by the close of the fiscal year on March 31, 2021, the JPC official said.
Indian steel consumption had reached 100 million mt in the fiscal year 2019-20, recording a compounded annual growth rate of (CAGR) of 5.2 percent between 2015-16 and 2019-2020. On the other hand, India’s steel demand is forecast to contract by 20 percent during the fiscal year 2020-21.