Reinforcing the fact that the economy has not bottomed out, the government has said steel demand has been flat in the first quarter of the fiscal with sales inching up a petty 0.2 percent to 17.797 million tonne. “Real consumption of total finished steel was up by 0.2 percent in April-June of FY14 at 17.797 mt, impacted by the slowdown in the domestic economy and a sharp decline in imports," said a joint plant committee report of the steel ministry.
Import of total finished steel showed a southward trend during the quarter declining 34.1 per cent year-on-year at 1.32 mt. Imports were down due to factors like bilateral agreements, slowdown in domestic economy, relative prices, rate volatility and global downswing, among others, it said. Declining exports increased domestic availability during the period, the report said, adding, but this could not add to the domestic consumption due to slow end-use demand.
"Export of total finished steel was up by 12.7 per cent during the reporting period at 1.12 mt, but at 0.31 mt in June 2013, it declined by 8.3 percent compared to June, 2012 and by 23 percent compared to May, 2013," it said. Production of crude steel during the quarter was 19.687 mt clocking a growth of 1.4 per cent over the same period last year.
Main producers like SAIL, RINL and Tata Steel together produced 6.315 mt, recording a growth of 6.7 per cent a year ago. Major producers such as Essar, JSW Steel, JSW Ispat Steel and Jindal Steel & Power produced 4.523 mt, clocking a 4.2 per cent decline. The remaining 8.849 mt was the contribution of " others", which was a growth of 0.8 per cent.
Reinforcing the fact that the economy has not bottomed out, the government has said steel demand has been flat in the first quarter of the fiscal with sales inching up a petty 0.2 percent to 17.797 million tonne. “Real consumption of total finished steel was up by 0.2 percent in April-June of FY14 at 17.797 mt, impacted by the slowdown in the domestic economy and a sharp decline in imports," said a joint plant committee report of the steel ministry.
Import of total finished steel showed a southward trend during the quarter declining 34.1 per cent year-on-year at 1.32 mt. Imports were down due to factors like bilateral agreements, slowdown in domestic economy, relative prices, rate volatility and global downswing, among others, it said. Declining exports increased domestic availability during the period, the report said, adding, but this could not add to the domestic consumption due to slow end-use demand.
"Export of total finished steel was up by 12.7 per cent during the reporting period at 1.12 mt, but at 0.31 mt in June 2013, it declined by 8.3 percent compared to June, 2012 and by 23 percent compared to May, 2013," it said. Production of crude steel during the quarter was 19.687 mt clocking a growth of 1.4 per cent over the same period last year. Main producers like SAIL, RINL and Tata Steel together produced 6.315 mt, recording a growth of 6.7 per cent a year ago.
Major producers such as Essar, JSW Steel, JSW Ispat Steel and Jindal Steel & Power produced 4.523 mt, clocking a 4.2 per cent decline. The remaining 8.849 mt was the contribution of " others", which was a growth of 0.8 per cent.
