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India's steel consumption was flat during the first four months of the current fiscal, showing just just 0.2% growth year-on-year at 24.1 million tonne (MT), on poor off-take by large sectors like construction and automobiles.
Finished steel consumption, a key pointer to the health of a country's economy, was at 24 MT during the April-July period of last fiscal, data compiled by Joint Plant Committee, a unit of the Steel Ministry, has revealed.
Subdued consumption by the construction and automobile sectors was due to economic slowdown, said an industry official, adding that things are likely to be better after the monsoon season.
Steel production grew however by 3.1% to 26.1 MT during the four-month period of 2013-14, from 25.3 MT during the April-July period of 2012-13 fiscal.
Main players such as SAIL, Tata Steel and Rashtriya Ispat Migan produced 6.6 MT during the period, clocking 9.6% growth, while other key producers like JSW Steel and Essar Steel had cumulatively output of 7.4 MT.
Recording over 36% decline, imports of steel fell to 1.8 MT during the April-July period, from 2.8 MT a year earlier. Exports were also marginally down to 1.41 MT, from 1.48 MT.
