September 21: Steel Authority of India Ltd's chairman C.S.Verma said India's steel sector needs to grow at about 8% with the GDP growing at 5.2%.
In an interview to a newspaper Verma said that growth in real consumption at 7.8% is a positive indicator but the output growth has been affected by availability of raw material and the weakening rupee.
In steel, while global prices, both for flat and long steel, have dropped significantly, in India it has not been as bad.
"It indicates that India can't remain insulated from the happenings in global markets, but being a demand centre, the impact here is lesser than that in saturated Western economies," he said.
Verma said last year SAIL had imported or converted about 1 mt of coke. This year, with the start of three coke oven batteries, the purchase and conversion will be 0.6-0.7 mt.
The company has already commissioned the rebuilding of two coke oven batteries in Bokaro. This year, production of steel will increase with the start of a new blast furnace in Rourkela.
The company is also setting up two new stem charge coke oven batteries in Bhilai and Bokaro on a build-operate-run basis and that should take care of SAIL's coke requirement for another five to seven years, Verma said.
For the full story, you need to be a subscriber of India Steel Market Watch, please click here to ask for a free trial or download a subscription form
- metaljunction »
- Metal News
Metal News & Events
Coal Insights (English) Monthly
Coal Insights is a ready reckoner for anyone associated with coal. This publication is aimed at tracking everything related to coal in India.
India Coal Market Watch(English) Monthly
ICMW is a one-stop source for all news, data and research pertaining to coal demand, consumption, stocks, spot- and long-term prices with respect to the Indian Market.
ISMW is a brand new high-end steel market report, covering all aspects of the steel industry in India.
Steel Insights(English) Monthly
Steel Insights delves into various facets of the domestic and global steel industry such as market fundamentals, raw material price trends, price forecasts etc.