The finished steel exports as a percentage of total finished steel production peaked during April-August 2020 to average 21% compared to 8% in the corresponding period of FY20 and 6% during the same period in FY19. The lockdown in the months of April and May had crippled domestic demand and steel players were forced to look at export markets to keep their inventory in-check. Closer home, India was the world’s second-largest steel producer with production standing at 111.2 million tonnes (MT) in 2019.The outbreak of COVID-19 pandemic and the subsequent nationwide lock down had severely affected demand and production of steel in the country in Q1FY21. Globally we use more than 1700 Mt of this steel every year and we recycle and re-use more than 85% at the end of each lifecycle. ![]() Several steel companies are set to deliver a blockbuster performance in the third quarter of this fiscal as rising steel prices, low input costs and recovering domestic demand drive their margins to multi-year highs Steel overview: ![]() Make In Steel Date: 24 February, 2021 Virtual Conference Steel is in a sweet spot.
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