Indian car market under performs in May, demand for flat steel remains sluggish

Automobile sector that is biggest buyer of Flat steel post a poor sales in May. Car sales rose only 3% in May, the slowest in the last seven months, as high interest rates and costlier petrol prices hit demand at a time when uncertain economic climate and poor corporate earnings have already depressed sentiments. 

“This is the slowest growth since October last year when car sales witnessed a decline of 23.7%,” industry body Siam's director general Vishnu Mathur said.

Source: TOI