Indian car sales down by 19% in August- SIAM

Local car sales in India fell 19% in August from a year earlier, showed data issued Monday by the Society of Indian Automobile Manufacturers.

SIAM, India's automobile industry group, didn't give a reason for the decline to 118,142 autos from 145,066 a year earlier.

Rising fuel prices, high costs of loans as well as fears of job losses in a slowing economy have crimped demand for cars and sport-utility vehicles.

Automobile sales indicate demand for flat steel products in India market, which has also dropped by Rs 500-1,000/t in September.