India's sponge iron production rises 17% y-o-y in CY'23

Indian crude steel production up 11%, where as IF-EAF route registered 13% growth. Domestic scrap generation affected due to GST crackdown. Sponge iron exports rise over 30% y-o-y.

Production of direct reduced iron (DRI), or sponge iron, in India increased by an impressive 17% y-o-y to around 49 million tonnes (mnt) in calendar year 2023 (CY'23) from a little under 42 mnt in CY'22, as per SteelMint data. Sponge iron production rode the wave of a robust growth