Steel imports down 65% in April due to slow sales and depreciation
While the value-added steel segment has been hit, in particular its products such as colour coated sheets that have been majorly impacted. Imports of cold rolled and galvanised sheets have also come down, but the impact is lower when compared to colour-coated sheets, say industry executives.
"High interest costs have led to some decline in steel items like colour coated sheets, used mainly in buildings and sheds," says Neeraj Singhal, managing director of Bhushan Steel that makes most of these value added products. "Also, due to high interest rates, construction activity has slowed down. This has led to a decline in the offtake of steel items for such sector."