Indian steel demand may double by 2025
Anglo-Australian mining giant BHP Billiton has forecast Indian steel demand will double by 2025. Also it termed the government’s steel production target of 300 million tonnes by 2030 as “aspirational”.
Huw McKay, vice-president, analysis and economics, at BHP Billiton said construction and infrastructure would occupy the “lion’s share” of this growth in demand, with steel consumption growing almost at the same clip as the sector—at 8% till 2025.
The company, which also exports copper concentrates to India, said the shutting down of Vedanta’s 400,000-tonne plant at Tuticorin amid bloody protests in May has impacted its shipments to India, but the international price of copper has stayed strong. An international trade war sparked by the US imposing import tariffs of 25% and 10% on steel and aluminium, respectively, has countries guessing its effects and coming up with their own strategies to counter a likely dumping in their respective countries.