In October 2018, a report released by the World Steel Association (worldsteel) predicts rapid growth in steel demand in India in 2018 and 2019. The country is likely to maintain a positive global demand for steel demand, which is expected to grow by 7.5% in 2018 and 7.3% in 2019. The country that bypasses Japan to become the second largest steel producer in 2017 and is likely to overtake the US in finished steel use.
According to Worldsteel SRO, India is on track for higher growth in steel demand. Despite the challenges, increased spending on infrastructure projects is likely to boost steel demand in the country over the next couple of years.
Indian demand for finished steel products in 2017 amounted to 88.7 million tonnes, up 6.0% year-on-year. Demand is expected to grow 7.5% in 2018 to 95.4 million tonnes. Demand in 2019 will grow by 7.3% to 102.3 million tonnes. In this process, it will bypass the United States to become the largest steel-using country after China.
At the same time, US steel consumption is expected to increase by 2.3% and 1.3% to 99.9 Mt and 101.2 Mt in 2018 and 2019, respectively.
Indian Steel Demand Forecasted To Stronger In 2019
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