Estimates have shown that the total shortage in supply of steel in India has risen four times in the financial year 2013 even as the economic slowdown resulted in lower level of investment in various sectors.

The total shortage in steel supply in the country was at just 1 per cent in the previous year financial year. Latest data compiled by Bank of America Merrill Lynch has shown that the total steel production in India was reported at 66.4 million tonnes compared to total demand of 69.1 million tonnes during the financial year 2013.

The steel production has risen from 65.3 million tonnes during the previous year to 66.4 million tonnes in the financial year2013. teh demand for steel in the previous financial year was recorded at 66 million tonnes. The increase in production was recorded even as the industry faced a shortage of iron ore due to closure of mines.

The data also showed that the total steel import into the country increased 14.2 per cent to 6.2 million tonnes in the financial year 2013 compared to 5.4 million tonnes imported in the previous financial year. Steel exports increased 10.3 per cent to 4.6 million tonnes from 4.2 million tonnes.