Domestic steel consumption is expected to slow down to 5-6%

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Mumbai, Ta. September 19, 2019, Thursday

The growth in domestic steel consumption is expected to slow down to 5-7% in the current fiscal year, which was 8.3% in the last financial year. The country's economic activity has affected the consumption of diluted steel, a report said.

In the first quarter of the current financial year, the country's economic growth rate was five percent. The report also said that steel companies' margins have been pushed down due to higher raw material prices and lower steel prices.

Demand is expected to improve in the last 6 months of the current fiscal, given the possible increase in structural costs. The business environment continues to be challenging for businesses.

However, the report also suggests that steel producers will benefit from a suggested increase in infra cost over the last six months of the current fiscal year.

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