Steel consumption up 3.8% in May

During April-May, Integrated Steel Plant producers produced 8.688 mt, which was a growth of 8.8%

Steel consumption in May rose 3.85 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% over May 2015 and was up by 31.4% over April 2016," said the report of the ministry's Joint Plant Committee (JPC).

According to the report, India's consumption of total finished steel stood at 13.32 million tonnes in the first two months of the current financial year, up 4.5% over the same period last year.

Exports in the last month were up by 6.1% to 0.38 mt over the month last year and up by 23% over April 2016.

The report said exports of total finished steel were down by 11.7% in April-May period at 0.689 mt over the corresponding same period last year.

Imports in May 2016 fell by 40.9% at 0.546 mt over the same month last year and were down by 16.5% over April 2016.

According to the provisional data released by JPC, production for sale of total finished steel was at 8.276 mt, down 0.9% during May over year-ago month.

"Production for sale of total finished steel at 15.974 mt registered a growth of 2.4% 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% while production for the other producers was down by 2.6%.