Indian steel industry gains momentum in Q3 - IIR

Several steel producers in India have reported production figures for December or the fourth quarter of 2009 that indicate the steel industry...

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Several steel producers in India have reported production figures for December or the fourth quarter of 2009 that indicate the steel industry has gained momentum in that nation. According to a report from Industrial Info Resources, the government operated Steel Authority of India Limited has reported a 32% increase in sales in December of 2009 versus the same month in 2008. The company, with a yearly output of 13 million tonnes, has a 25% share of India’s steel market. In the third quarter of its fiscal year, running from October through December of 2009, sales grew 23% YoY, primarily driven by increased consumption in the construction sector. Mumbai based TATA Steel Limited has recorded monthly crude steel production of more than 600,000 tonnes for December 2009. The firm registered an increase in production across a range of finished goods, with hot steel output at 650,000 tonnes, salable steel output at 593,000 tonnes and sales of flat products up by 90% YoY. IIR said that "The company's steel plant is now functioning at 7.2 million tonnes per year as compared to its nameplate capacity of 6.8 million tonnes per year." JSW Steel Limited has registered 50% growth in its sales figures for December 2009 compared to the previous year, while Kolkata based Ispat Industries Limited also has reportedly benefited from revival of demand in the automotive industry. India's demand for steel is growing from 8% to 10% at an annual rate, with demand from the infrastructure and auto segments prompting much of the growth. Many steel companies have hiked prices 3% to 5% in early 2010. IIR said that "Prices are likely to surge further, as manufacturers have begun to build steel inventories in anticipation of competitive prices once demand picks up."

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