Indian private producer Tata Steel reported record high sales for the October-December quarter of 4.88 million tonnes, with strong domestic demand driving volumes higher.
Sales in India rose by 3 % for the year and by 1.2% for the quarter. Domestic sales increased 10% for the year and 3% for the quarter. Plants in India produced 5.32 million tons of steel, up 6.4% year over year and quarterly.
Supplies of automotive and specialty products increased by about 22% in October-December compared to the same period last year. Shipments of the branded products and retail segment increased by 11% year-over-year, while shipments of the industrial products and project segment increased by approximately 6% year-over-year.
Recent increases in raw material prices are likely to will prompt Indian steel mills to raise selling prices this month after a flood of imports in the last quarter of 2023 put pressure on prices. Argus' weekly domestic India estimate for 2.5-4mm material was Rs 55,500/t ($668/t) ex-Mumbai - excluding Goods and Services Tax (GST) - Jan 5, up by Rs 500/t ton higher than the previous week.
Tata Steel's operations in the Netherlands recorded year-on-year declines in sales and production in October-December. Deliveries amounted to 1.29 million tons, which is 7.8% less than for the year, and production volume for the quarter amounted to 1.17 million tons, which is 23% less than for the year.
Divisions Companies in the UK supplied 630,000 tonnes of steel in October-December, down 4.5% year-on-year, while production was 730,000 tonnes, down 1.4% year-on-year.
