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.
Domestic crude steel production rose 7% Y-o-Y and 2% M-o-M to 9.98mt in January 2021.
Net steel exports stood at 60kt, the lowest in 18 months. Historically, India has reported net steel imports in times of strong domestic demand.
Domestic steel inventory with mills was down 18% Y-o-Y to 10.6mt.
Steel players showed a recovery in the previous quarter with positive financials.
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