Indian private-sector producer Tata Steel’s October-December sales declined on the year hurt by lower exports, while production expanded during the same period.
Steel sales dropped by 5.2pc on the year to 4.41mn t during the October-December quarter, while production rose by 4.3pc to 4.80mn t, according to provisional data released by the company.
The firm’s India production during the first nine months of the financial year ending March 2022 rose by 16pc on the year to 14.16mn t, while sales during the same period gained by 4pc to 13.15mn t as a result of continued economic recovery. Exports accounted for 14pc of total sales.
India’s finished steel production and consumption dropped on the year in December, but rose on the month, pointing to an improving steel demand scenario in the country. The country’s exports in November fell to their lowest in the current fiscal year ending 31 March on uncompetitive Indian offers.
Deliveries for automotive and special products rose by about 50pc on the quarter, while branded products and retail rose by 2pc from the previous quarter, and industrial products and projects rose by 3pc.