Excon, Excon 2011 Biggest Construction Equipment Trade fair India.

As per the provisional data of ministry of steel the four month period saw finished steel production grow 4% and consumption increase 5.8%, thereby showing clear signs of economic recovery. As per the latest data of steel ministry, India’s steel production in July alone stood at 4.8 million tonne up by 6% over the corresponding month last year. During the April to July period this fiscal, finished steel production increased to 18.8 million tonne from 18 million tonne in a year ago period, while consumption moved to 17.32 million tonne from 16.36 million tonne. This comes after moderate 0.6% growth in production and 0.5% drop in consumption of steel in 2008-09. Indian steelmakers had earlier cut production by up to 40% in the October-December 2008 quarter, due to poor demand in the domestic market. But the economic stimulus packages announced by the government had positive impact on demand. Although pick up in domestic demand has helped steel companies resume production and grow, steel exports dropped 40% to 0.93 million tonne during the period, as global economy continues to flounder.