PTI reported that slow economic growth weighed down on India's steel consumption which expanded by just 0.7% during April to February period of current fiscal at 67.253 million tonne over the same period last fiscal.

Joint Plant Committee said that the country had consumed 66.78 million tonne steel during corresponding period last fiscal.

JPC said that India's real consumption of total finished steel was up by 0.7% YoY in April to February FY 2014, impacted primarily by the slowdown in the domestic economy and a sharp decline in imports.

India's steel imports were down 31.1% during the April to February period but exports were up 8.1% at 5.045 million tonne. Consumption of finished steel was up 1.8% in February at 6.174 million tonne, encouraged by a 5.3% rise in production for sale and a 36.8% decline in export. There was a 38.3% decline in imports.

JPC said that production for sale of total finished steel at 77.322 million tonne registering a growth of 4.1% during April to February of FY'14 encouraged by a 9.8% growth in case of the main producers.

Production of total finished steel grew by 5.3% in February, 2014 at 7.016 million tonne over February 2013. Main producers contributed 10% increase while there was a 5.5% rise in case of others.

India's economy grew below expectations at 4.7% in October to December on falling output in the manufacturing sector. The country's GDP had expanded 4.8% in the July to September quarter and 4.4% in April to June. Growth in the first 9 months was 4.6%. The low growth rate in domestic steel consumption indicated that base level demand conditions continued to be weak during the current fiscal so far.