Key indicators of the dynamics of the steel, iron ore and coal industries in India
Crude steel production increased by 8 percent month-on-month and 9 percent year-on-year to a record monthly high of 14.79 million tons. Steelmakers may have increased production ahead of the fourth quarter of the fiscal year, when consumption is growing rapidly due to favorable weather and approaching project deadlines.
Steel exports were moderate compared to the previous month, but remained strong due to high demand from the EU ahead of the full implementation of the Carbon Boundary Adjustment Mechanism (CBAM). Meanwhile, total imports remained at a lower level, helped by protective duties and other tariff barriers. India remained a consistent net exporter throughout the third quarter of 2016.
Meanwhile, iron ore imports remained high as metallurgists' demand outpaced domestic supply.
Coal production increased, which was facilitated by increased mine productivity and the commissioning of additional CIL facilities. Miner production increased by 4.6 percent year-on-year to 75.7 million tons in December.
Coal imports declined month-on-month as well as year-on-year, as buyers continued to receive domestic supplies due to sufficient availability and competitive prices.
Key macroeconomic indicators in December 25
