Tata Steel’s India Production Volume Rises Marginally In December Quarter
Tata Steel Ltd.’s India production rose 1.8 percent to 4.46 million tonnes (provisional) in the third quarter of the ongoing fiscal.
Its production volume was at 4.38 million tonnes (actual) in the year-ago period, according to an exchange filing on Friday. Tata Steel India's sales volume rose 17 percent quarter-on-quarter with improved market sentiment.
Sales volume to auto segment was maintained during the quarter, it said.
The branded product and retail segment grew 23 percent quarter-on-quarter, while industrial products and projects grew 12 percent quarter-on-quarter.
"Tata Steel Europe's 3QFY20 production and sales volume was flattish on QoQ basis. Tata Steel South East Asia operations registered lower production volume QoQ due to continued sluggishness in Singapore and Thailand markets," it said.
The Indian economy, it said, remained weak with declining private consumption growth and low investment growth. Domestic steel prices hit a bottom in October 2019 before improving from November.
Indian steel prices are expected to improve with strong retail demand and ongoing restocking demand at the dealers' ends, it said. Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes per annum.