New Delhi, July 8 The Indian steel industry, with its resilience and benefiting from the stimulus measures, was the third largest producer after China and Japan in the first five months of the year, said the Union Minister of Steel, Mr Virbhadra Singh.
“I strongly believe, that India steel consumption will continue to grow at a pace varying between 6 per cent and 8 per cent during the current financial year, fully supported by the various fiscal, monetary and administrative measures taken by the Government from time to time,” said Mr Singh.
According to the Steel Secretary, P.K. Rastogi, while production in June was up 5.3 per cent from last year, consumption for April-June was up five per cent.
Speaking at a steel summit, organised by Associated Chambers of Commerce and Industry of India, the Minister said he saw no need for higher import duty to counter cheap steel imports.
Mr B. Muthuraman, Managing Director, Tata Steel, said the company would be increasing production by 25 per cent this year from its current capacity of 6.8 million tonne a year.
There was no price increase in the company’s steel products planned for July, he added. The company also expects to save Rs 2,000 crore this financial year from increased efficiency in reduction in costs, according to Mr Anand Sen, Vice-President-Flat Products, Tata Steel.
The Steel Authority of India, while increasing prices on certain flat steel products by about Rs 500-700, has reduced prices on long products by Rs 1500- 2000, or about 5 per cent.
SAIL cuts long product prices
According to the Chairman, Mr S.K. Roongta, this was in view of the slowing down of construction activities due to the monsoon.
While flat products have picked up substantially on the back of a revival in auto sales, sale of long products used in construction is yet to take off, according to the industry.
Source : Business Line