GET Stock QuotesNews18 APP
News18 English

Madhya Pradesh

Rajasthan

Poll in 1 seat deferred

Chhattisgarh

Telangana

Mizoram

»
1-min read

Indian Steel Output to Jump by 10% After Budget Infrastructure Boost, Says Official

The country, which aims to nearly triple its production over the next decade, will see increased demand largely in housing, roads, construction of railway stations, and airports, Steel Secretary Aruna Sharma said.

Reuters

Updated:February 2, 2018, 5:36 PM IST
facebookTwittergoogleskypewhatsapp
Indian Steel Output to Jump by 10% After Budget Infrastructure Boost, Says Official
Image for representation only.
Loading...
New Delhi: India's steel output is expected to rise by a record 10 percent during the next fiscal year starting on April 1, a government official said on Friday, driven by a budgeted increase in infrastructure spending in the world's third-largest producer of the alloy.

Indian steel production is expected to be around 103 million tonnes in the fiscal year to March, and rise by 10 percent in the 2018/19 fiscal year, said Steel Secretary Aruna Sharma.

"These are conservative estimates. Last year's budgetary allocation to infrastructure gave an impetus to domestic steel consumption by 5.7 percent. At least we hope we should touch 6 percent growth in consumption next year," Sharma told Reuters.

India, which aims to nearly triple its production over the next decade, will see increased demand largely in housing, roads, construction of railway stations, and airports, Sharma said.

India's crude steel production rose to a record during the calendar year 2017, jumping 6 percent from a year ago to 101.23 million tonnes.

Sharma was cautious about the impact of possible trade measures by the United States.

On Thursday, U.S. steel companies and industry groups urged President Donald Trump to impose the measures to curb excess steel capacity and rising imports they say are undermining the domestic industry.

The U.S. is the world's biggest steel importer but India only exports 4 percent of their alloy there. However, Indian companies have been trying to raise high-end steel sales to U.S. buyers.

"We are not dumping," said Sharma, the top civil servant in the steel ministry. "Even if the U.S. imposes duties, we will have to see how much it is and so we will wait and watch."

Top Indian steel companies are also in talks with Canada's Teck Resources Ltd, the largest North American producer of coking coal, for long-term purchase agreements, Sharma said.

India, alongside top buyers China and Japan have been scouring new markets for the key raw material in steel making, after a powerful cyclone hit Australia last year leading to slower output and firmer prices.
(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
| Edited by: Bijaya Das
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 1,110.50 1.18
Yes Bank 186.60 4.92
Dr Reddys Labs 2,586.35 -4.78
ICICI Bank 349.95 2.09
Kotak Mahindra 1,237.15 1.51
Company Price Change %Gain
Yes Bank 186.80 5.30
Reliance 1,110.50 1.30
Axis Bank 619.35 2.50
TCS 2,018.70 1.02
Hero Motocorp 3,265.30 7.57
Top Gainers
Company Price Change %Gain
Hero Motocorp 3,258.65 7.23
Indiabulls Hsg 734.30 5.97
UPL 790.05 5.63
Bharti Airtel 305.55 5.27
Adani Ports 374.45 5.26
Company Price Change %Gain
Hero Motocorp 3,265.30 7.57
Yes Bank 186.80 5.30
Bharti Airtel 305.20 5.21
Adani Ports 374.40 4.90
Tata Steel 520.40 3.75

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results