Business Line reported that steel consumption in the country grew at a slower pace during April to July 2014 at 0.6%, but a 30% growth in exports helped swing the demand supply balance in favour of demand.

Data from the Joint Plant Committee, a wing of the Ministry of Steel, said that domestic consumption during the first four months of the fiscal 2014-15 stood at 25.72 million tonnes as compared to 25.57 million tonnes in the same quarter last year.

While domestic demand grew slowly, demand for the metal produced at Indian blast furnaces was supported by the growth in exports. During April-July 2014, exports grew nearly 30% to 1.84 million tonne as compared to 1.42 million tonne.

Steel production too kept pace with the consumption growth. During the 4 months, steel production grew 0.9% to 27.39 million tonnes as compared to 27.15 million tonnes.