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Tuesday 3 November 2009

Steel consumption in India

Friends,

The World Steel Association has estimated that steel consumption in India would grow by 8.9% in 2009 to about 56 million tonnes. By the way, India was producing just about one million tonnes at the time of independence and it crossed 10 million mark when Bokaro Plant of SAIL was commissioned in early eighties. The steel consumption has to go past 100 million tonne mark before India can expect total poverty removal. Steel quality has improved a lot and now lesser quantity of steel is required now than earlier, for the same application. Another point is that the relative cost of steel today is very cheap. India is also a low cost producer of steel. In light of all this, we may expect that the steel industry is due for bettering its performance after seeing some price pressure during last one year.

Railways have improved earnings form goods traffic by 5.84% to Rs 27,631 crs in first six months ended Sep 09. This is remarkable and confirms that India economy is on right track.

Hari Om,
Krsna Khandelwal

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