India’s steel demand is on track to maintain annual growth of more than 7 per cent in 2019 and 2020, driven by sectors such as construction, capital goods and railways, according to the Indian steel Association.
Indian steel demand is forecast to grow by 7.1 per cent in 2019 and 7.2 per cent in 2020, according to the Indian iron and steel association.
It also forecasts that steel consumption in India could exceed 100m tonnes in 2019.
Steel minister Chaudhary Birender Singh said earlier this year that the growth trend in steel consumption in India will continue due to strong manufacturing demand, diverse demographics, accelerated infrastructure spending, expected GDP growth and a strong focus on “” made in India” “.
“Investment driven sectors such as construction, capital goods and railways are expected to continue the healthy growth momentum driven by infrastructure projects such as Bharatmala, Sagarmala, railway electrification, dedicated freight corridors and subways,” the association added.
Moreover, while a fall in the GST, or value-added tax, will support demand for real estate, continued capacity growth in the renewable energy sector will continue to boost demand for power equipment.
Post time: Apr-15-2019