Steel demand likely to grow by 10% in FY'14: Uttam Galva

Dec 30 2012, 18:10 IST
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SummaryPrivate sector steel maker Uttam Galva Steels has said the steel demand is likely to grow by around 10 per cent in the next financial year.

Private sector steel maker Uttam Galva Steels has said the steel demand is likely to grow by around 10 per cent in the next financial year.

"We are expecting a 10 per cent growth in the steel demand in the next financial year (FY'14)," company's Deputy Managing Director Ankit Miglani said.

Total steel demand in the country was 71 million tonnes (MT) in FY'12, which is likely to be around 75 MT in the current financial year (FY'13).

Referring to steel pricing, he said that global steel prices would depend on the possibility of a stimulus package given by the Chinese government.

"Global prices of steel will depend on the possibility of a stimulus package given by the Chinese government after the new regime takes over," Milgani said.

The global market is hopeful of a stimulus package for boosting infrastructure in the Chinese economy by its government, which if happens will drive the steel prices.

Miglani, however, added that any rise in input prices of steel, is likely to passed on to the end user.

Earlier, Managing Director of Tata Steel, H M Nerurkar has said the company expects a demand growth of over seven per cent in the next financial year as the reforms announced by the government will give boost to the economy.

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