Finished steel production in India dropped by 5
per cent November to 9.5 mt
New Delhi, December 13 The country’s steel
exports fell 53 per cent (nearly halved) year-on-year in November to 3,38,000
tonnes because of weakened global cues perpetuated by downturn in the metal
cycle while mills here cut back on production indicative of the slowing down
demand.
Finished
steel production dropped by 5 per cent November to 9.5 mt versus October where
it was 9.9 mt. Variation in stock went up month-on-month to 1,49,000 tonnes, up
40 per cent, a report by the Steel Ministry, accessed by businessline showed.
Variation
in stock is the difference between opening and closing stock indicative of the
fact that mills are unable to liquidate offerings quickly because of slowing
demand.
PRODUCTION
CUTS
Finished
steel production was lower (November versus October) by 4 per cent for SAIL, 6
per cent in case of Tata Steel, and 7.4 per cent for AM / NS, JSW, JSPL and
others combined.