Demand for higher steel grades to fuel imports in 2019: CARE Ratings

CARE report says domestic consumption may rise 5.5-7.5 per cent

The country’s import of steel is expected to rise by 2.5 to 3-5 per cent in 2019-20, fuelled by demand for special and higher grades, says CARE Ratings.

Its report says domestic consumption of steel is projected to rise between 5.5 and 7.5 per cent. “We believe consumption of long steel products will grow at a faster pace, compared to flat steel products, mainly on account of the government’s focus on infrastructure. For FY19, the government’s revised capital expenditure was higher by 20.3 per cent  to Rs 3.2 trillion on a year-on-year basis and funds of Rs 3.4 trillion have been