Steelmakers brace for 'short-term' headwinds

As the industry contends with surging imports, it is getting some help from firm finished steel prices and softening input costs

Whenever the economy hits an air pocket, Indian steelmakers worry about weak demand. Especially so this time because India’s 2017-18 first quarter growth of gross domestic product at 5.7 per cent was not only at a three-year low, but manufacturing gross value added rose 1.2 per cent, far slower than 10.7 per cent in the corresponding quarter of the previous year. Moreover, unresolved problems linked to the Goods and Services Tax and the strong rupee are making it difficult for India to take advantage of the buoyancy in global trade seen by the World Trade Organisation. 

An official of a major