Indian Metallurgists Reach Record Sales

Indian steelmakers are optimistic about demand growth since mid-April after record sales during the 2016-17 fiscal year.

The state-owned Steel Authority of India (SAIL) posted its best sales figures for the current fiscal year, growing up to eight percent. The company sold 13.143 million tonnes of steel in 2016-17 and 1.575 million tonnes in March, up 21 percent from the same month a year ago. SAIL posted a 12 percent increase in production over 2016-17 and exports tripled during the year. JSW Steel increased steel output to 15.80 million tonnes, up 26 percent from last year.

India's steel industry relies on good demand in construction, automotive and home appliances, industries that have been hit by demonetization. Manufacturers have maintained capacity utilization at an average of 85 percent over the past few months, up from 75 percent at the start of the year. Steel exports jumped 78 percent while imports fell 40 percent.