Tata Steel expects bounce back
Tata Steel expects steel demand to bounce back in the second half of the fiscal year, led by segments like passenger vehicle sales, construction and rural homes, in what perhaps marks the first upbeat remark from a top manufacturer about the domestic steel market that has been sagging for a year and half.
“We see the steel sector picking up during the second half riding on auto, construction and rural demand. Indian demand should be met out of Indian production of steel. Imports are not the best way for it,” vice president for steel marketing and sales Peeyush Gupta.
The rural market is doing well, particularly in the individual homebuilding segment where steel accounts for some 12-15% of cost, with growth also picking up in Tier 2, Tier 3 and Tier 4 towns,” Gupta said.