According to Indian press sources, in the April-September period of the current Indian fiscal year, the country's steel consumption increased by 5.7 percent compared to the corresponding period of the previous fiscal year, reaching 26.49 million metric tons, due to the improved demand in the automotive industry and in durable goods manufacturing. In the April-September period of 2008, India's steel consumption totaled 25.07 million metric tons.
Meanwhile, in the period in question, Indian domestic steel output rose by two percent from the year-ago period to 28.49 million metric tons, while imports declined one percent to 4.3 million metric tons, with exports amounting to 1.34 million metric tons, down 43 percent.
As SteelOrbis previously reported, India's major steelmakers, including Tata Steel, SAIL and JSW Steel, have reported significant growth in their steel output in August and in September. However, according to Steel Ministry Secretary Pramod Rastogi, a marginal dip in both steel consumption and demand was registered in September, which is temporary, and demand is expected to rebound with the end of the annual monsoon season.
In a report released by World Steel Association (worldsteel) on October 12, it is said that India remained relatively resilient during the global crisis, and its apparent steel use is expected to grow by 8.9 percent and 12.1 percent in the 2009 and 2010 calendar years, respectively.