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India steel demand robust - Mr Seshgiri Rao of JSW

Steel News - Published on Fri, 19 Apr 2019

Image Source: SteelGuru
CNBC TV18 quoted Mr Seshagiri Rao, JMD and group CFO of JSW Steel, as saying that the Indian steel industry has created 27 million tonnes of incremental capacity, resulting in an average of 5-6 million tonnes of incremental capacity in last 4-5 years. In terms of demand, he said “In 2014-2015, the demand used to be 3% which is close to 0.5% of the gross domestic product growth whereas if you see March 2019 numbers which have been released by the steel ministry, it is 8.8%. March 2019 year as a whole, the steel demand growth was 7.5%. So from 3-3.5% to 7.5% is the growth in demand.”

He further said that “On consumption side, India is growing much faster than the world. IBC and stress that is there in the industry have led to consolidation of the industry. There is change in controlling many companies which is also good for the industry for long-term sustainability.”

Mr Rao said that “India, being a very attractive destination for steel consumption, imports are growing into India whereas exports are falling. For March 2019 numbers, the imports have grown by 4.5% whereas exports have fallen by 16%. That is the concern as far as the government measures are concerned. They should act proactively to ensure that the domestic industry is not injured by the dumping from overseas.”

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Posted By : Ratan Singh on Fri, 19 Apr 2019
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