Business Standard reported that steel consumption in the country might clock a growth of 2% to 3% in 2013 -14.

Mr Sushim Banerjee DG of Institute for Steel Development & Growth said that "The steel industry is facing sluggish consumption growth. We expect some improvement in Q4 period and the sector may see a growth of 2% to 3% in 2013 to 2014. The steel demand in the 10 month period increased by only 0.5% to 0.6%.”

Mr Banerjee said that “Traditionally in the Q4 period demand and price remained buoyant but this year long products were witnessing price pressure after slump in steel scrap price in the international market. Crude steel production in April 2013 to January 2014 period was 4.6% and for the full fiscal FY'14 it was projected to remain at around 5%.”

He said that he was not sure and it might come sooner as elections were knocking on the doors. Despite sluggish demand and production outlook in FY'14, the scenario was likely to improve in 2014 to 2015. The industry expects some 10 million tonne capacity to be added from greenfield capacity and greater capacity utilisation from the industry.