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The steel industry’s production and consumption grew by 18.1% and 11.4%, respectively, on a YoY basis in FY22. We believe the medium-term steel demand will continue to be robust due to the government’s infrastructure push and increased investments amid an overall rebound in the Indian economy.
Steel exports remained robust for the third straight year and increased by 25.1% during FY22 after recording a growth of 29.1% in FY21 and 31.4% in FY20.
International factors such as environmental concerns surrounding China’s steel industry, an uptrend in global steel prices and higher demand from European nations led to the increased shipments from India.
International steel prices were on an uptrend and rose significantly to upwards of $1,200 per tonne in March 2022 due to the geopolitical tensions around Russia.
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