new delhi tata steel expects a sharp rise in steel prices during the current fiscal on the back of the economic recovery and strong performance by consumer industries like infrastructure and automobileswith economic and steel market conditions becoming more favourable and the steel producers needing to recover the rise in input costs it is anticipated that there will be a strong rise in steel prices in 201011 the company said in its latest annual reportdomestic steel firms saw prices coming down by up to rs 6000 a tonne to around rs 2700033000 during the past few monthsbuoyed by expected strong performances by consuming segments like automotive construction infrastructure and capital goods steel consumption is expected to increase by more than 10 this fiscal it saidthe report stated that the global economic downturn is set to recover at a faster and stronger rate than expected earlier and the global consumption of steel is expected to be 123 billion tonnes in 2010 an increase of 10 over 2009on the european market it said that demand was expected to rise by 15 this fiscalthe rebound is expected to raise apparent consumption by 15 yearonyear the report said pointing out that european steel demand declined by 24 in 200910 due to less consumption by steelusing sectorsexports will continue to be the key driver for economic growth as the depreciation of the euro is likely to increase the competitiveness of eu industries the report notedstating that the demand in asia is growing company chairman ratan tata expressed hope that major mining companies which produce key ingredients such as iron ore and coking coal for steel making will adopt a responsible perspective and not elevate prices opportunistically