New Delhi, May 7 (IBNS) Steel Minister Beni Prasad Verma on Monday said that demand of steel which is indicated by its real consumption is determined by domestic production of steel plus imports and minus exports.
"Joint Plant Committee (JPC) data for total finished steel shows that during the last three years, 2009-10, 2010-11 and 2011-12, Compounded Annual Growth Rate (CAGR) in real consumption has been 10.6% which has exceeded growth in production for sale (8.7%) during this period," Verma said in Lok Sabha.
"Imports of total finished steel have grown at a Compound Annual Growth Rate (CAGR) of 5.3%. Besides meeting the domestic demand-supply mismatch (if any), steel imports take place for a variety of other reasons like non-availability or limited availability of requisite grades/sizes, level of customs duty, effect of relative prices (domestic market vs. imported price)."
Verma said, India is the fourth largest crude steel producer in the world.