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Auto steel makers face pressure as car demand withers

Thursday 14th Jul 2011 1348

Mumbai : Auto-grade steelmakers in the country have started to feel the pinch of dwindling car sales. The outlook is cautious and the steel manufacturers are staring at a drop in demand from automakers.

Ankit Miglani, deputy managing director, Uttam Galva, a leading auto and white goods steelmaker in India, said, “Sales volumes have dropped and prices have bottomed out, too. The drop in demand and lower steel prices will reflect in the second-quarter numbers, as the effect will be fully factored in by then."

Essar Steel CEO Malay Mukherjee said the auto-grade variety forms just 7-8 per cent of the total steel demand in the country. However, he agreed that there was indeed a fall in the demand for steel from automakers. “Given that it’s less than 10 per cent of the total steel demand in India, the impact will be marginal on us," he said.

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