INDIA July 12 2016 1:25 PM
NEW DELHI (Scrap Register): Demand of Steel in India dropped 4.3% to 6.8 million metric tons from a year ago, according to Steel Ministry. The consumption dropped in June for the first time in at least 15 months. The decline in demand is due to the rise in domestic price due to import curbs.
Steel output in the world’s third biggest producer was up 2.4% in June to 8.2 million tons.. Inbound shipments in June declined 33% to 597,000 tons from a year earlier, according to data from the ministry. For the April-June period, imports were down 31% to 1.8 million tons.
Steel use in India is estimated to grow to 210 million tons by 2025-26 from 90 million tons in the last fiscal year ending, Steel Ministry added.
