Economy

Use of domestic steel rising consistently

Our Bureau New Delhi | Updated on July 26, 2021

Export of finished steel has been consistently increasing from 2018-19 when it was at 6.36 million tonnes to 10.78 mt in FY21

The share of domestic production in the consumption of the finished steel has been increasing in the last three years, said the Steel Minister Ram Chandra Prasad Singh in the Lok Sabha.

The share of domestic steel used has increased to 95.3 per cent in the current year from April to June. In FY19 it was 92.1 per cent. Meanwhile, the percentage share of import in consumption has dropped to 4.7 per cent (7.9 per cent).

Export of finished steel has been consistently increasing from 2018-19 when it was at 6.36 million tonnes to 10.78 mt in FY21. In the current year from April to June, it stood at 3.56 mt.

“The demand for steel is predominantly met by domestic production and the share of import in consumption has been gradually declining for the last three years,” the minister said.

Published on July 26, 2021

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