India’s domestic steel consumption rose 9% y-o-y (3% m-o-m) to 9.97 mt in January, the highest-ever monthly consumption.
Declining exports and rising imports further indicated a strong rebound in domestic demand.
Domestic crude steel production rose 7% y-o-y (2% m-o-m) to 9.98 mt in the month. Strong domestic demand and low finished steel inventory is expected to support domestic steel prices, Motilal Oswal has said.
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