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.
