Steel stocks ended the day on a firm note led by Bhushan Steel, Ispat Industries and JSW Steel. Steel consumption numbers for the first quarter were recently announced. As per a leading business daily, the consumption of finished steel rose by 5.2% YoY to 12.8 m tonnes (MT) during the first quarter.

In addition, the steel ministry also mentioned in its report that finished steel production went up by 3.4 YoY to almost 14 MT during the quarter.

However, the situation for the commodity’s export figures is quite the opposite. It is believed that steel exports dropped by 38% YoY during the quarter to 0.6 MT from a little over 1 MT in the same period last year.

On the other hand, imports dropped by over 5% YoY during the period. It may be noted that as per the World Steel Association reports, while steel consumption in India is projected to grow by around 2% in 2009, the global steel consumption is projected to decline by around 14.9%.

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