Steel sales zoom in Oct
India’s leading steel majors, including state-owned Steel Authority of India (SAIL), Essar and Ispat have recorded up to 30% growth in sales volume and JSW Steel’s sales almost doubled in October, 2009, compared with the same period last year, backed by robust demand from automobile and construction sectors.
Healthy demand for the metal indicates a sharp turnaround in the economic activity which had slowed down considerably in the second half of 2008.
It may be recalled most steel companies had cut production in October last year due to the global economic crisis and steep fall in demand. This was accompanied by sharp drop in metal prices as imports surged. But the economy started looking up after the government came out with a stimulus package to safeguard the domestic manufacturing industry early this year.