PIG IRON PRODUCTION UP 28 PER CENT

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Total finished steel production in the country during April-July 2002, has been provisionally estimated at 10.26 million tonnes against 9.70 million tonnes during the same period last year showing a growth of 5.8 per cent. The total production of pig iron during this period was 1.51 million tonnes against 1.18 million tonnes during the same period of the previous year showing an increase of 28 per cent. During the period apparent consumption of finished steel items has gone up by 8 per cent and reached 9.05 million tonnes. The consumption of pig iron has increased by 20 per cent than the same period of last year.

Visakhapatnam Steel Plant (VSP) and Steel Authority of India Ltd. (SAIL), during these 4 months, have registered an increase in production of 15 per cent and 14 per cent respectively. Tata Iron and Steel Company (TISCO) and the secondary producers have put up a growth of 4 per cent during the period.

Since the beginning of the financial year 2002-03, the demand of steel has been increasing with prices showing considerable upward trends. The flat products registered a higher growth in consumption of approximately 10 per cent which includes HR products, a major share of around 20 per cent growth. Such increased in the demand of steel have led to huge reduction of stocks by the main producers in addition to its increase in production.