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Rays of recovery - Steel sales in India spurts in February

BS reported that the steel sector is limping back to normalcy, with sales and dispatches in February significantly better than the previous month, leading some producers to revisit expansion plans. Industry observers feel this shows things are slowly reverting to normal in the domestic market, though not in the international market. TATA Steel recorded a 47% increase in sales in February over the corresponding month in 2008, with long products registering a 65% increase. JSW Steel’s crude steel production in February increased by 8.5% and it commissioned its capacity expansion at the Vijaynagar Works, earlier on hold, during the month. Though the February figure includes trial production from expansion, it had decided to revert to normal production in January, when sales moved up by 41% over December, after recommencing 2 furnaces. Mr CG Patil director-commercial of Rashtriya Ispat Nigam Ltd said that sales in February saw an increase of 35% over January. Local demand is going up, as ongoing projects are being completed.

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