Steel production to surpass requirements in 2011-12: Paswan
Union Steel Minister Ram Vilas Paswan has said that steel production in India will achieve 124 mn tons of steel capacity by 2011-12.
By Agencies |
NEW DELHI: Union Steel Minister Ram Vilas Paswan has said that steel production in India will achieve 124 mn tons of steel capacity by 2011-12, which would be more than the domestic requirement leading to relenting pressure on its alloy prices.
He said that India's requirement would be around 110 mn tons at that point of time.
Steel prices have shot up by over 50 pc since January with a seven-year high inflation of 8.75 pc.
The annual demand for steel in India has been rising by about 13 pc, but production is growing by over six pc, according to sources.
The country's crude steel production was 53.9 mn tons last fiscal year and out of it about 5 mn tons were exported.
India imported nearly 7 mn tons of steel.
He said that India's requirement would be around 110 mn tons at that point of time.
Steel prices have shot up by over 50 pc since January with a seven-year high inflation of 8.75 pc.
The annual demand for steel in India has been rising by about 13 pc, but production is growing by over six pc, according to sources.
The country's crude steel production was 53.9 mn tons last fiscal year and out of it about 5 mn tons were exported.
India imported nearly 7 mn tons of steel.
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