According to the Joint Factory Committee (JPC), the information arm of the Ministry of Metallurgical Industry of India, in November 2021 the apparent consumption of steel products in the country decreased by 8% and 3% compared to the same month last year. Compared to October, it reached 8.468 million.
According to Indian rating agency Icra, demand for steel products in the country showed high growth rates in October after the end of the rainy season. But in November, a major negative factor was the emergence of a new strain of coronavirus "omicron".
According to JPC statistics, the steel production volume in India amounted to 9.19 million tons, which is 3% less than in October, but 2% higher than in the same month of last year. According to the forecast of the Ministry of Metallurgical Industry, the national steel production volume could reach 115 million tons in 2021.
However, Indian metallurgical companies increasing production are facing sales problems. Demand in the domestic market started to decline and final rolled product exports decreased by 32 percent compared to the previous month to 772 thousand tons in November. Traditional sales markets for Indian flat products in the European Union and Vietnam have reduced activity, according to JPC experts. Therefore, Indian metallurgists should promote their products in alternative directions and lower their prices.
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