Steel consumption up 3.8 per cent in May

Kolkata, June 6: Steel consumption in May rose 3.8 percent to 7.56 million tonnes (mt) as compared to the same month last year, said a Steel Ministry report. “Consumption in May 2016 (7.564 mt) was up by 3.8 percent over May 2015 and was up by 31.4 percent over April 2016,” said the report of the ministry’s Joint Plant Committee (JPC). As per the report, India’s consumption of total finished steel stood at 13.32 million tonnes in the first two months of the current fiscal, up 4.5 per cent over the same period last year. Exports in the last month were up by 6.1 per cent to 0.38 mt over the month last year and up by 23 per cent over April 2016. The report said exports of total finished steel were down by 11.7 per cent in April-May period at 0.689 mt over the corresponding same period last year. Imports in May 2016 fell by 40.9 per cent at 0.546 mt over the same month last year and were down by 16.5 per cent over April 2016. According to the provisiol data released by JPC, production for sale of total finished steel was at 8.276 mt, down 0.9 per cent during May over year-ago month. “Production for sale of total finished steel at 15.974 mt registered a growth of 2.4 percent during April-May 2016-17 over same period of last year,” the report said. During April-May, the Integrated Steel Plant producers produced 8.688 mt, which was a growth of 8.8 per cent while production for the other producers was down by 2.6 per cent. (IANS)