India's Steel Production up 6.8% to 64 MT

Updated: 2012-03-27 13:53
Counter: 12

Steel production by India has risen 6.8 per cent to 63.894 million tonnes during the April 2011 to February 2012 fiscal period, the country's steel minister announced.

Further data from the steel ministry showed India's overall steel production has been continuously increasing since 2009-10, the Economic Time of India reported.

In a report to Parliament, Steel Minister Benj Prasad Verma said India's steel production during the entire 2010-11 fiscal reached 66.013 million tonnes, showing an 8.8 per cent hike over the 2009-10 of 60.624 million tonnes.

In India, steel prices are deregulated, which meant individual producers get to decide price caps based on market conditions such as varying demand-supply scenario, global movements in prices of stee, and cost of raw materials, along with other possible input costs.

India, which has been a net importer of steel during the last three years, will continue to do so in the current fiscal year, Verma said. From April-January, India imported 5.59 million tonnes finished steel versus the 3.45 million tonnes a year ago.

In 2010-11, steel exports stood at 3.46 million tonnes compared to 6.79 million tonnes of imports.