Muthuraman: Indian steel demand may grow 10-11 percent in FY 2011-12

Indian steelmaker Tata Steel's vice chairman  B. Muthuraman has said that India's steel demand might grow by around 10-11 percent in the current fiscal year, according to a report by Indian news agency Press Trust of India.
 
In the 2009-2010 fiscal year, India's steel consumption had increased by 9.04 percent year on year to 64.55 million metric tons.
 
Despite the continuous growth of Indian steel consumption, in her presentation at the SteelOrbis Spring '11 Conference & 64rd IREPAS Meeting held in Hong Kong, Credit Suisse analyst Melinda Moore stated, "Based on our steel per capita forecasts, even in 2040 India may be only where China finished last year," assuming an annual average growth rate of six percent.