PTI reported that India’s steel demand is likely to go up by at least 5% in the current fiscal, but the price of the alloy would remain more or less same at the current level.
Mr PK Rastogi secretary steel on the sidelines of a steel conference told reporters that “5% is what we are seeing definitely, it can be even more, perhaps 10%.”
Steel demand will be driven by huge infrastructure spending across the country for which the local government has announced three stimulus packages.
During the last fiscal, domestic steel production surged 0.57% while consumption fell 0.5%. While the production and consumption of the metal grew 4.3% and 5.6% respectively in the combined first two quarters, the third quarter saw a massive fall of 7.8% and 13.6% respectively. The fourth quarter, however, witnessed a recovery of 1.2% in production and 3.8% in consumption.
Source : PTI