Save
Print[Ferro-Alloys.com] Out of the total 2.88 million tonnes of steel imports, around 65 percent were flat products, mostly used for making automobile and consumer durable products.
Car sales in India during the first four months of this fiscal year rose 5.6 percent, according to the Society of Indian Automobile Manufacturers, short of its target of 10-12 percent growth for the year but above last year's levels.
Asia's third-largest economy grew at 5.5 percent, around its lowest in three years, in the quarter that ended in June, but is still one of the fastest-paced in the world.
Steel imports in India are likely to rise further as production is unlikely to keep pace with demand, Gupta said.
India's steel consumption is expected to grow by 6.8 percent to 74.9 million tonnes in the financial year ending March 2013, whereas steel production is likely to fall marginally to 72.1 million tonnes on lower capacity utilization, according to a report by Barclays Research.
But per capita consumption of steel is still way behind Asian rival China's 445.2 kg at just 56.3 kg in 2010, according to the World Steel Association.
"There is a big scope for steel demand growth in India," said Chirag Shah, commodity analyst with Barclays in Mumbai.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Tell Us What You Think