Steel Companies Increase Export As Domestic Demand Falters Due To Covid-19 In May: CARE Ratings

Freight wagons sit beneath a loading crane in the steel export terminal. (Photographer: Vincent Mundy/Bloomberg)

Steel Companies Increase Export As Domestic Demand Falters Due To Covid-19 In May: CARE Ratings

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

CARE Ratings Research Report

India’s crude and finished steel production as well as consumption of finished steel during May 2021 was significantly higher than the corresponding month of last year due to low base effect, but was lower than those during earlier years.

Crude steel production at 8.5 million tonne was 36% higher in May 2021 than in May 2020 but was 11% lower compared with May 2019.

Finished steel production stood at 7.8 million tonne in May 2021 higher than 5.5 million tonne in May 2020 and lower than 9 million tonne in May 2019.

Consumption of finished steel rose by 52% YoY in May 2021 but when compared with May 2019 was down 17%.

Click on the attachment to read the full report:

CARE Ratings Update on Steel Sector.pdf

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