India’s steel demand may grow above 7% in 2019, 2020: World Steel Association

The World Steel Association in its latest report ‘Short Range Outlook April 2019’ has said India’s steel demand is likely to grow above 7 per cent in the current year (2019) as well as next year (2020). The wide range of continuing infrastructure projects may support growth in steel demand of India. The global steel body also forecasted that global steel demand may reach 1,735 million tonne (MT) in 2019, a rise of 1.3 per cent over 2018. In 2020, the demand is projected to grow 1 per cent to 1,752 MT.

It said in developed economies, steel demand grew by 1.8 per cent in 2018 following a resilient 3.1 per cent growth in 2017. The steel body is expecting demand to further decelerate to 0.3 per cent in 2019 and 0.7 per cent in 2020, reflecting a deteriorating trade environment. Steel demand in emerging economies, excluding China, is expected to grow 2.9 per cent and 4.6 per cent in 2019 and 2020, respectively.

Moreover, it mentioned in developing economies in Asia, excluding China, the demand is expected to grow by 6.5 per cent and 6.4 per cent in 2019 and 2020, respectively, making it the fastest-growing region in the global steel industry. The global association represents steel producers, including nine of the world’s 10 largest firms, national and regional steel industry associations, and steel research institutes. Its members represent around 85 per cent of global steel production.

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