Tata Steel expects steel demand to grow 7.5 per cent in the coming year to 87.6 million tonne (MT) on the back on the investments in infrastructure building. Tata Steel, along with other steelmakers in the country, had a difficult 2015 with rising imports from China, Japan and South Korea. World steelmakers dumped steel in India taking advantage of modest demand growth in the country versus poor growth elsewhere. Steel companies were forced to slash prices to compete with cheap imports. Imposition of import duties have given some a small respite to steelmakers, they claim. India's largest steelmakers Tata Steel, JSW Steel and Steel Authority of India Ltd reported sharp fall in profits during the year. Demand in India, is expected to grow to 87.6 MT in 2016, from 75.9 MT in 2014 and 81.5 MT in 2015, Tata Steel statement said. "With Kalinganagar integrated steel plant in place, we are confident that we will be able to sell the volumes that will start coming out. We are also opening up new segments as the product range from Kalinganagar is wider and thicker compared to Jamshedpur unit," said TV Narendran, Managing Director Tata Steel India and South East Asia. Narendran added that the focus for 2016 is to ensure a level playing field for the domestic industry, which is skewed due to the increasing imports. First phase of Kalinganagar plant of 3 MT is expected to start production next financial year. With unabated imports some analysts have expressed concern about sales volumes of the plant. In a recent report, commodity pricing agency Platts said India's ambition to increase annual steel production to 300 MT by 2025 has been thwarted by slower than expected growth in consumption. It added steel deman
Source: http://economictimes.indiatimes.com/