Auto, electrical equipment drive steel consumption

Steel consumption in India grew 3.3% to 62 mt during April-December 2016

Indian steel consumption has grown 3.3% during April-December 2016, on the back of demand from the auto and real estate sectors, but sans demonetisation, it could have been higher. The growth in consumption in December is seen as a positive sign for the industry as post demonetisation most industries have suffered slowdown. 

The consumption of domestic steel during the period stood at around 62 million tonnes. Till November, consumption was at 52.673 million tonnes, higher by 3.1%.

"Two sectors that contributed to the growth of steel consumption were auto and real estate," said Sushim Banerjee, Director General of the Institute