Steel consumption inches up 0.7 pc in Apr-Feb

Tags: Steel, News
Slow economic growth weighed down on India's steel consumption which expanded by just 0.7 per cent during April-February period of current fiscal at 67.253 million tonnes (MT) over the same period last fiscal.

The country, the fourth largest steel producing destination in the world, had consumed 66.78 MT steel during corresponding period last fiscal, Joint Plant Committee, a Steel Ministry Unit, said in its monthly report today.

"India's real consumption of total finished steel was up by 0.7 per cent year-on-year in April-February FY'14, impacted primarily by the slowdown in the domestic economy and a sharp decline in imports," JPC said.

India's economy grew below expectations at 4.7 per cent in October-December on falling output in the manufacturing sector. The country's GDP had expanded 4.8 per cent in the July-September quarter and 4.4 per cent in April-June. Growth in the first nine months (April-December) was 4.6 per cent.

"The low growth rate in domestic steel consumption indicated that base level demand conditions continued to be weak during the current fiscal so far," it said.

India's steel imports were down 31.1 per cent during the April-February period, but exports were up 8.1 per cent at 5.045 MT.

Consumption of finished steel was up 1.8 per cent in February at 6.174 MT, encouraged by a 5.3 per cent rise in production for sale and a 36.8 per cent decline in export. There was a 38.3 per cent decline in imports.

"Production for sale of total finished steel at 77.322 MT registering a growth of 4.1 per cent during April-February of FY'14 encouraged by a 9.8 per cent growth in case of the main producers," JPC said.

Production of total finished steel grew by 5.3 per cent in February, 2014 at 7.016 MT over February 2013. Main producers contributed 10 per cent increase while there was a 5.5 per cent rise in case of others.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Rejigged FIIS could help our farmers tide over yet another dull monsoon

    India is an agrarian economy with one-third of its population depending on the agriculture sector directly.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

Nations need both guns and grains

As Buddha said: “Words without context have no meaning.” Quoting ...

Kuruvilla Pandikattu SJ

Bored out of your wits? Get creative

Have you been truly bored? “So bored your mind churns ...

Gautam Gupta

Indian designers can learn a lot from Benetton

I was reading an article in the magazine about Benetton ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture