India to surpass US in steel consumption
The apparent consumption of finished steel at 97.5 MT, registering an annual growth of 7.5%, the highest among the global players, has made India nearly touching the level of the US and in all likelihood India would occupy the second position in steel consumption by the end of CY19. The performance of Indian steel industry in FY19 deserves special mention amidst a minor slowdown in industrial production in the last few months. Crude steel production at 106.4 MT has made India climb up the second position, surpassing Japan and the differential is likely to get widened in the coming years. The apparent consumption of finished steel at 97.5 MT, registering an annual growth of 7.5%, the highest among the global players, has made India nearly touching the level of the US and in all likelihood India would occupy the second position in steel consumption by the end of CY19. The finished steel production at 131.7 MT plus imports (finished) at 7.8 MT minus exports (finished) at 6.4 MT and after deducting inter plant transfer and double counting (HR to CR, CR to Coated, HR to Pipes) at 33.1 MT and adjusting for stocks (additions are minus with depletion as plus) of (-) 2.6MT, we get a finished steel consumption of 97.5 MT.
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