The rise in sponge iron production was attributed to a notable decline in imported coal prices, which dropped by approximately 48 percent year-on-year to USD 109 per tonne in FY24, down from USD 209 per tonne in FY23.
Consequently, there was a substantial increase of 62 percent in the imports of thermal coal used in the sponge iron industry during the last fiscal year.
India's crude steel production also experienced a significant uptick, growing by around 14 percent to reach 143 million tonnes in FY24, up from 127 million tonnes in the preceding year. This growth was primarily driven by a sharp rise in production through the induction furnace route.
Production via induction furnaces saw a 25 percent year-on-year increase, reaching 50 million tonnes compared to 40 million tonnes in FY23. Additionally, electric arc furnaces (EAFs) exhibited a 12 percent growth, reaching 31 million tonnes.
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