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Assocham expects increase in demand from agriculture, consumer durables and other sectors to lift steel consumption in India to around 122 mn tonne by 2015.
With an aim to boost rural steel consumption in Uttar Pradesh, SAIL is setting up five steel processing units (SPUs) in the state. The SPUs will come up at Barabanki, Lakhimpur, Jhansi, Hardoi and Mirzapur in a joint venture with Supreme Alloys.
Steeling itself to cater to increased demand, the growth in India’s steel consumption outstrips its production, forcing import of commodities to meet local demand. The apparent steel consumption growth is expected to be 6.9 per cent in 2012 and 9.4 per cent in 2013.
Weak demand has affected the performance of major steel firms. Steel consumption grew just 0.3 per cent in the first five months of the current fiscal 2013-14 to 30.345 million tonne,
JSW Steel has prepared a plan to increase its overall steel capacity to 40 mn tonne per annum by 2025 in order to retain its market share of 13-14 per cent.
FIRST Construction Council, Ministry of Steel organises roundtable
What could boost demand for steel?
The domestic steel consumption growth is expected to grow by 7 per cent during this fiscal and the trend is likely to continue in the next financial year as well, says an ICRA report.