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Demand - Supply Scenario Production In FY01, India produced 26.5mt of crude steel and 29.5mt of finished steel to retain its position as the tenth largest producer of steel in the world. The growth has been mainly due to the addition of capacity in the private sector. Table 1: Production trends ('000 t) Pig iron Sponge iron Crude steel Finished steel 1996-97 3346 5009 24415 22743 1997-98 3416 5345 23480 23576 1998-99 3060 5180 24296 23887 1999-00 3193 5340 26924 27131 2000-01 3398 5481 26500 29529 2001-02 * 1351 2915 N.A 19670 * Apr- Sep 01 for secondary sector (except finished steel) Source: JPC/ India Infoline Table 2: Demand – Supply scenario ('000 t) 1996-97 1997-98 1998-99 1999-00 2000-01 Production 22743 23576 23887 27131 29529 Imports 1565 1588 1132 1600 1433 Exports 1687 1882 1787 2670 2911 Apparent consumption 22621 23282 23232 26061 28051 Surplus/ (Deficit) % chg in production   2.9% -0.2% 12.2% 7.6% % chg in consumption   3.7% 1.3% 13.6% 8.8% Source: India Infoline Consumption Steel consumption has been steadily growing in the country. The main areas of consumption are engineering goods and applications, construction, automobiles and consumer durables. Table 2: Product-wise finished steel consumption ('000 t) 1996-97 1997-98 1998-99 1999-00 2000-01 % CAGR Pig iron 2910 2637 2782 2910 3177 2.2% Bars & rods 7619 7588 7756 8407 9268 5.0% Plates 1622 1572 1602 1392 1833 3.1% HRC 4865 5109 5070 6446 7116 10.0% CRC 3071 3410 3319 4057 4196 8.1% GP/ GC 951 1017 1045 1186 1107 3.9% Source: JPC/ India Infoline Price trends The price trend in the Indian markets has been a function of: Domestic demand-supply scenario International prices With domestic demand being weak and international prices touching twenty-year lows, the price of steel products in the country has also been weak. Globally it is expected that prices will likely rally due to: Low base of twenty year lows and the sharp decline during 2001 Economic recovery in USA and Europe on the back of economic stimulus package and easy liquidity Initial talks between steel producing nations to cut back on steel production capacity Any rally in prices will likely result in marginal hardening of prices in India as well. Previous Chapter Next Chapter

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