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India's DRI production soars

India witnessed a substantial 17% year-on-year surge in the production of direct reduced iron (DRI), commonly known as sponge iron, reaching approximately 49 million tonnes (mnt) in the calendar year 2023 (CY'23), as per data reported by SteelMint, a reliable source for steel industry insights.

India's DRI production soars

This significant increase reflects the resilience and growth of India's steel manufacturing sector, contributing substantially to the country's industrial landscape. Noteworthy points include a commendable 13% year-on-year growth in the production of IF-EAF (Induction Furnace-Electric Arc Furnace) steel, indicating a robust performance in the steel sector.

The domestic generation of scrap, a crucial component in steel production, was impacted due to a crackdown on the Goods and Services Tax (GST), influencing the overall dynamics of the industry. However, India's steel sector experienced a remarkable surge in exports, witnessing a growth of over 30% year-on-year.

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