New Delhi: Steel consumption has risen 5.2% during the first quarter, showing signs of improvement in demand for the commodity in the economy, the steel ministry said in a statement on Wednesday.
“Consumption of finished steel went up by 5.2% from 12.2 million tonnes during the first quarter of financial year ‘09 to 12.83 million tonnes during April-June this year,“ the ministry said on Wednesday.
Meanwhile, finished steel production went up by 3.4% to 13.98 million tonnes during April-June 2009 as compared to 13.53 million tonnes during the same period last year.
However, the export of steel took a hit and fell sharply by 37.8% in the period to 0.642 million tonnes from 1.032 million tonnes in the year-ago quarter. Imports also fell 5.3% from 1.493 million tonnes to 1.414 million tonnes during the period.
The production of saleable steel of Steel Authority of India Ltd (SAIL) went up by 3.73% to 30.6 lakh tonnes in the three months, compared to 29.5 lakh tonnes during April-June 2008.
Finished steel production of Rashtriya Ispat Nigam Ltd (RINL) went up by 2.09% from 6.71 lakh tonnes to 6.85 lakh tonnes, the statement said.
In June 2009, the production of saleable steel by SAIL rose by 7.22% to 10.4 lakh tonnes against 9.7 lakh tonnes, and that of RINL went up by 21.72% to 2.41 lakh tonnes from 1.98 lakh tonnes.
During the period up to June 2009, SAIL’s volume of sales rose by 5.58% (28.4 lakh tonnes against 26.9 lakh tonnes) but RINL’s declined by 4.33% (5.74 lakh tonnes against 6 lakh tonnes).