Domestic steel demand up 9% YoY in January 2021

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Domestic steel demand up 9% YoY in January 2021

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India's steel consumption grew 9% Y-o-Y and 3% M-o-M to 9.97mt in January 2021. This growth comes on a strong base period of January 2020 which had also witnessed demand growth of 9% Y-o-Y.

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Domestic crude steel production rose 7% Y-o-Y and 2% M-o-M to 9.98mt in January 2021.  

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Net steel exports stood at 60kt, the lowest in 18 months. Historically, India has reported net steel imports in times of strong domestic demand.

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Domestic steel inventory with mills was down 18% Y-o-Y to 10.6mt.

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Steel players showed a recovery in the previous quarter with positive financials.  Shivani Sharma, Pragati Srivastava