Indian steel consumption up by 7% in April-July

Steel consumption in India in the first four months of the financial year ending March 31, 2013, grew by 6.7%, according to data from the country’s ministry of steel.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The growth in steel consumption comes despite the Indian government announcing a cut in its GDP growth forecast from 7.5-8% to 6.7%, while the Reserve Bank of India has predicted growth of 6.5%.

Data released by the Joint Plant Committee (JPC), an arm of the country’s ministry of steel, pegged apparent finished steel consumption in April-July 2012 at 26.324 million tonnes – a figure that includes previous stocks.

This represents an increase of 6.7% compared with 24.674 million tonnes in the corresponding period last year.

Indian finished steel production in the four months to July increased by 3.3% year-on-year to 25.015 million tonnes, compared with 24.215 million tonnes.

According to JPC data, government-owned steel producer Steel Authority of India (Sail) was the biggest steel producer over the April-July period at 3.296 million tonnes, a year-on-year increase of 4% compared with 3.165 million tonnes.

Tata Steel’s Indian operations produced the second-largest tonnage of finished steel during the period at 1.922 million tonnes, against 1.784 million tonnes previously.

More than 59% of India’s steel production during the April-July period, 14.698 million tonnes, came from smaller integrated producers and mini-mills. This total was down by 1.9% compared with 14.983 million tonnes in the same period last year.

Export of finished steel by Indian mills during the period fell by 23% to 1.295 million tonnes, compared with 1.679 million tonnes in April-July last year.

Imports of finished steel in the same period increased by 36% to 2.561 million tonnes, compared with 1.882 million tonnes last year.

What to read next
Fastmarkets invited feedback from the industry on the pricing methodology for cobalt hydroxide, min 30% Co, inferred, China, $lb, via an open consultation process between May 4 and June 1, 2023. This consultation was done as part of our published annual methodology review process.
Fastmarkets will discontinue its consumer buying price assessments for machine shop turnings in the Cleveland and Pittsburgh markets effective Tuesday June 6.
Fastmarkets has decided to proceed with the launch of a new European low carbon ferro-chrome price covering material with lower chrome content.
Fastmarkets invites feedback on a proposal to increase the publication frequency of non-exchange-deliverable equivalent-grade (EQ) copper cathode premium, cif Shanghai, from once every two weeks to once every week.
The outlook for North American steel scrap prices has headed further into bearish territory ahead of June’s trade, with prices for all grades expected to fall again after a round of across-the-board decreases in May
Fastmarkets is inviting feedback on a change of publishing time for our ferro-chrome price in the Chinese domestic market as well as ferro-chrome import prices in Japan and South Korea, to 5-6pm Shanghai time from 2-3pm London time.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.