According to Mr Atul Chaturvedi steel secretary of India, India’s steel demand grew by 7% in the first seven months of the fiscal year up to October, spurred by the needs of makers of cars and appliances and builders of rural homes.
The minister said that demand for some products rose 9% in the same period. But the minister gave no further details.
He said that increasing demand for automobiles, refrigerators and air conditioners and rising farm income are boosting steel sales in India, the world’s second fastest growing major economy.
According to November 12 government data, the nation’s industrial production in September rose 9.1% from a year earlier.
Mr Pramod Rastogi former steel secretary said that steel consumption rose 5.7% to 26.49 million tons in the six months ended September 30 from a year earlier. He added that India’s steel demand may gain as much as 10 percent this fiscal year, almost double the pace previously estimated, as the government spends more on infrastructure.
The World Steel Association said that the emerging economies of China and India will rebound faster than developed nations.
(Sourced from http://www.steelguru.com/news/index/2009/11/16/MTIwMzg2/India_steel_demand_up_by_7pct_in_7_months_on_auto_boost.html)
Sunday, November 15, 2009
India steel demand up by 7pct in 7 months on auto boost
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