India’s domestic steel consumption during April-August dropped to its lowest in at least six years, government data analysed by Reuters showed, underlining the economic slowdown and slump in infrastructure spending.Steel consumption, in the first five months of the fiscal year, was at 27.4 million tonnes, a 35% fall over last year, data showed. The reading was also the lowest since data was collated in the current form beginning FY15.Finished steel production also fell over 30% during April-August to 30 million tonnes, data showed.Steel producers, however, continued to ride out the domestic slump by focussing on exports, with China emerging as the top buyer, shipping in a record 1.7 million tonnes during April-August.
A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath