JSW Steel Expects Sharp Spike in Steel Consumption in India
Steel Consumption IndiaFortune India

JSW Steel Expects Sharp Spike in Steel Consumption in India

JSW Steel’s Joint Managing Director & Group Chief Financial Officer Mr Seshagiri Rao told The Hindu that “We exported 15 million tonne of steel and

JSW Steel’s Joint Managing Director & Group Chief Financial Officer Mr Seshagiri Rao told The Hindu that “We exported 15 million tonne of steel and imported 7 million tonne. We had a 13.5 million tonne inventory last fiscal which would have now been cut to 8.5-9 million tonne. With the economy returning to normal slowly, steel consumption topped 10 million tonne in December and January. At the current level, consumption will be 120 million tonne in next fiscal year. Indian steel companies will face problems in maintaining steel exports at current levels during the next financial year given the fact that domestic production will just about meet demand within the country.”

Mr Rao added that “As against the consumption, steel production could increase to 122 million tonne next fiscal from 94 million tonne this year. Though Indian steel companies were not using the installed 142 million tonne capacity, further capacity is being added as consumption is set to increase further. JSW Steel is adding a 5 million tonne capacity by June this year, while other producers are adding 2-3 million tonne. This will take the total capacity to 150 million tonne soon.”

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