Finished steel output projected to grow by 6-8% in FY19: Report

Ratings agency CARE Ratings feels the upward trend in production and consumption is expected to continue through the rest of this fiscal

The country’s finished steel production is projected to grow by six to eight per cent in this fiscal, aided by spike in demand from key user industries like construction, infrastructure and automobiles.

During April-September 2018, finished steel output expanded by six per cent to 53.9 million tonnes (mt) while consumption rose at an even higher pace of 7.8 per cent to reach 47.7 mt during this period. In the corresponding period of FY18, steel production had inched up by only 2.5 per cent to 50.8 mt though consumption moved up faster by 7.6 per cent to 44.2 mt.