On May 7, India's Minister of State for Steel Shri Beni Prasad Verma said that the country's 10.6 percent compounded annual growth rate (CAGR) in real steel consumption has exceeded growth in steel production for sale which was an average of 8.7 percent during the fiscal years 2009-10, 2010-11 and 2011-12.
Meanwhile, total imports of finished steel have grown at a CAGR of 5.3 percent in the three-year period in question.
Year | Total finished steel (Qty: million mt)
| |||
Import | Export | |||
Qty | Value | Qty | Value | |
2009-10 | 7.38 | $4.8 billion | 3.25 | $2.6 billion |
2010-11 | 6.66 | $5 billion | 3.64 | $3.3 billion |
2011-12* | 6.83 | $6.2 billion | 4.04 | $3.8 billion |
*provisional | ||||
According to the minister, India, which is currently the world's fifth largest steel producing country, increased its steel production capacity from 66.34 million mt in 2008-09 to 89.29 per year (provisional) in 2011-12, including both public and private sectors.
The minister said that production of crude steel by the Bokaro Steel Plant of Steel Authority of India Ltd. (SAIL) during the year 2011-12 was 3.647 million mt, recording a growth of 1.5 percent over the last year (2010-11). However, in March this year crude steel production of the Bokaro Steel Plant was 0.32 million mt (provisional), with a decline of 6.2 percent from March 2011, which may be due to the fact that Bokaro Steel Plant is currently undergoing upgrading and expansion as part of the overall expansion plan of SAIL.