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Steel consumption rises by 5.5% in first ten months of the fiscal

28 Feb 2012 Evaluate

Steel consumption in the first 10 months of the current fiscal grew by 5.5% to 57.24 million tonne, backed by the growing demand from the construction sector which generally consumes 70% of the total steel volume. Domestic consumption was 54.24 million tonnes in the April-January period in the last fiscal.

The growth in production was higher than demand growth at 58.35 million tonnes during the April-January period as against 54.51 million tonnes over the same period last year.

India’s import of steel during the April-January period recorded 0.6 per cent drop to 5.59 million tonnes compared to 5.62 million tonnes in the same period a year ago.

The global steel production in January, however, was 117 million tonnes, down 7.8% over the same month last year. In 2011 the world crude steel production reached 1527 million tonnes (mt) and showed a growth of 6.8% over 2010.

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