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India's Steel consumption rises 7.5% to 97.54 MT in FY19

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MUMBAI (Scrap Register): India's steel consumption grew by 7.5% from a year earlier to 97.54 million tonnes during the financial year 2018-2019, while production rose 3.7% to 131.57 million tonnes, latest data from the Joint Plant Committee showed.

The country’s finished steel exports fell by 34% in the fiscal year that ended in March to 6.36 million tonnes. During the same period, finished steel imports rose 4.7% to 7.84 million tonnes. As a result, India reverted to being a net importer of finished steel after two years as a net exporter.

"India is one of the major steel economies with consumption increasing at a higher rate than that of production and would remain a vulnerable target for inflow of cheap imports," India's steel ministry said in April.

Domestic consumption is expected to slow, but stay above 7%, the Indian Steel Association had said, citing 7.2% growth for both financial years 2019-2020 and 2020-2021.

The slowdown will be due to weakness in the automotive and consumer products sectors, the association said.

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