Steel demand in India tipped to rise 7% over two years

NEW DELHI - Steel demand in India is expected to grow above 7% both this year and next, according to the World Steel Association, which forecasts that global steel demand may reach 1,735 million tonne (MT) in 2019, a rise of 1.3% over 2018.

In 2020, the demand is projected to grow 1% to 1,752 MT, the Association said.

"In developed economies, steel demand grew by 1.8% in 2018 following resilient 3.1% growth in 2017. We expect demand to further decelerate to 0.3% in 2019 and 0.7% in 2020, reflecting a deteriorating trade environment.".

Steel demand in emerging economies, excluding China, was expected to grow 2.9% and 4.6% in 2019 and 2020, respectively, the report said.

For India, it said, "The wide range of continuing infrastructure projects is likely to support growth in steel demand above 7% in both 2019 and 2020."

In developing economies in Asia, excluding China, demand is expected to grow by 6.5% and 6.4% in 2019 and 2020, respectively, making it the fastest-growing region in the global steel industry.  (ATI).