Apr-Jan steel consumption rises 7.9% yoy

India Infoline News Service / 17:33 , Feb 08, 2010

Domestic steel production rose only 3.3% during the 10 months ended January 2010 and crossed the consumption pattern at 48.81mn tons over 47.27mn tons in the comparable period last year, the report stated.

Steel consumption jumped 7.9% to 45.93mn tons during April-January in the current financial year over the same period a year ago due to the steady rise in demand from sectors including automobile, white goods and construction, according to reports. Steel consumption during the corresponding period a year earlier stood at 42.59mn tons.

Domestic steel production rose only 3.3% during the 10 months ended January 2010 and crossed the consumption pattern at 48.81mn tons over 47.27mn tons in the comparable period last year, the report stated.

Imports also surged 18.5% to 5.9mn tons during the period, thereby increasing the availability of the commodity in the market and putting pressure on domestic prices.

Exports continued to slide and fell 34.1% to 2.39mn tons during the 10 months ended January 2010.

Tata Steel and Rashtriya Ispat Nigam reported 12.4% growth to 4.17mn tons and 7.6% increase to 2.4mn tons, respectively, during April-January over the same period previous fiscal.

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