Domestic steel consumption in the first 10 months of the current fiscal grew by 5.5 per cent to 57.24 million tonnes, primarily on account of growing demand from the construction sector.
“The growth in consumption of steel so far is good given the current global economic scenario. The buoyant construction sector is the primary demand mover for steel,” a Steel Ministry official said. Domestic consumption was 54.24 million tonnes in the April-January period in the last fiscal.
The growth in production was higher than demand growth at 58.35 million tonnes during the April—January period as against 54.51 million tonnes over the same period last year.
The global steel production in January, however, was 117 million tonnes, down 7.8 per cent over the same month last year.
India’s import of steel during the April-January period recorded 0.6 per cent drop to 5.59 million tonnes compared to 5.62 million tonnes a year ago.