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Steel Industry Update - Steel Demand Growth Lags Production In October 2021: CARE Ratings

Steel Industry Update - Steel Demand Growth Lags Production In October 2021: CARE Ratings

<div class="paragraphs"><p>Coils of steel reinforcing bar at a storage yard. (Photographer: Qilai Shen/Bloomberg)</p></div>
Coils of steel reinforcing bar at a storage yard. (Photographer: Qilai Shen/Bloomberg)

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CARE Ratings Report

Domestic steel production growth continued to lag production for the month ended October 2021.

While the overall production of crude steel and finished steel during October 2021 was higher, consumption of finished steel was lower than that registered in October 2020 as well as that registered in October 2019.

Crude steel and finished steel production during October 2021 stood at 9.8 million tonnes and 9.0 MT respectively, indicating a growth of 8.6% and 8.5% respectively compared with October 2019.

Year-on-year production of crude steel grew by 2% however finished steel production fell by 1.3%.

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CARE Ratings Steel Industry Update.pdf

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