New Delhi — Steel inventories are easing in the midst of the best season for consumption, the head of Tata Steel said on Friday, dismissing fears of a big stock build up across the industry.
“Steel inventories went up in November-December and a little bit in January also… but since then things have changed,” said TV Narendran, CEO & MD, Tata Steel Ltd.
“International prices have gone up in the last few weeks and as a consequence Indian producers have started exporting and that is bringing down the inventories.”
Narendra was speaking to reporters on the sidelines of a function of Steel Ministry where he received an award for excellence.
Narendran said the automobile industry was struggling, but infrastructure and rural sectors were showing robust demand for the steel.
“This is probably the best time of the year when we see consumption — Jan to June,” Narendran added.
It is to be noted that large steel mills like Tata, SAIL and JSW had reported higher inventories for Q3 FY19.
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