Tata Steel's India sales increased by 24.42 percent year-on-year at 4.84 MT during the quarter ended December 2019.
The company’s sales volume in Europe fell 1.70 percent to 2.31 MT in Q3FY20 as compared to 2.35 MT in Q3FY19. Sales volume in South East Asia rose 3.50 percent on year to 0.59 MT.
The company said that during Q3FY20, weakness in GDP growth and industrial output continued across major economies affecting steel demand.
In Europe, the overall slowdown coupled with seasonal weakness kept steel spreads under pressure as declining steel prices offset the benefit of softness in raw material prices, the company added.
However, the company said that going forward, positive developments on the US-China trade talks front along with step-up in China policy easing are expected to provide support to global steel demand and thus steel prices.
Tata Steel’s India business production in Q3FY20 grew 1.8 percent to 4.46 MT as against 4.38 MT in the same period last year.
Production volumes in Europe also increased 6.83 percent YoY to 2.50 MT while that of South East Asia dropped 5.76 percent YoY to 0.49 MT.
At 11:03 am, shares of Tata Steel were trading 1.24 percent higher at Rs 489 apiece on the BSE.
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