India’s domestic steel consumption rose 9% y-o-y (3% m-o-m) to 9.97 mt in January, the highest-ever month-to-month consumption. Declining exports and increasing imports additional indicated a sturdy rebound in domestic demand.
Domestic crude steel production rose 7% y-o-y (2% m-o-m) to 9.98 mt in the month.
Strong domestic demand and low completed steel inventory is anticipated to assistance domestic steel costs, Motilal Oswal has stated.