The Indian Refractory Makers Association has estimated that the domestic refractory industry’s turnover value grew 5.6 per cent in 2013-14 to Rs 5,696 crore.

Arvind Jain, Chairman of IRMA, said at the association's AGM here on Saturday that this marked a decline in yearly sales growth rate. In 2012-13, the industry’s overall turnover had gone up by 10.56 per cent. Jain said substantial fall in demand and prices was behind the lower growth rate.

During the last financial year, import of refractory items at Rs 2,445 crore also declined marginally from Rs 2,465 crore recorded in the previous year. The industry’s exports, however, improved to Rs 1,271 crore from Rs 1,187 crore. These were pointers to downbeat situation in the refractory user industry of steel-making, he said.

Refractories are key in insulation items in a steel plant’s blast furnace. The industry also faced difficult payment terms by many steel makers, Jain added.

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