Indian factories continue to expand production

According to recently released data from the Indian Iron and Steel Association, India's steel production rose 8.7% in April to 843 million tonnes year-over-year, while steel demand rose only 3.4% to 6 million tons.

However, India's steel exports increased significantly in the fiscal year 2016/17 ending in March, while steel mills increased production, exports also continued to rise.

India's steel exports in April rose 141% to 747.00 tonnes over the same period last year. However, strong exports cannot offset sluggish domestic demand.