Steel consumption down by 3.6pc in September: Report

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October 30, 2021 8:26 PM

Compared to September in 2019, the consumption of steel at 8.2 million tonne in the last month was also down by three per cent, CARE Ratings said in a study.

July to September being a seasonally weak quarter has led to subdued demand in the domestic market for finished steel, it said.July to September being a seasonally weak quarter has led to subdued demand in the domestic market for finished steel, it said.

Despite rising economic activities, finished steel consumption in September this year was lower by 3.6 per cent over the corresponding month last year but production of the metal grew, a report said.

Compared to September in 2019, the consumption of steel at 8.2 million tonne in the last month was also down by three per cent, CARE Ratings said in a study.
However, the consumption of the metal was higher by 2.3 per cent on a month-on-month basis, it said.

Crude and finished steel production during September 2021 stood at 9.5 million tonne and 9 million tonne respectively, indicating a growth of 8.7 per cent and 4.7 per cent over the year-ago month, the report said.

July to September being a seasonally weak quarter has led to subdued demand in the domestic market for finished steel, it said.

The demand and supply of steel are expected to improve with a rise in economic activities and will also be driven by the infrastructure push of the government, the rating agency said.

On a cumulative basis, production of crude steel for the first half (April-September) of the current fiscal was 57.2 million tonne, registering a 30 per cent growth year-on-year, while consumption was at 49.1 million tonne, a jump of 34.4 per cent over the corresponding period of FY’21.

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