India’s steel consumption poised for mega growth
India’s steel consumption is poised to cross the psychological 100-million tonne mark in 2019, a forecast by Indian Steel Association an industry body comprising domestic steel producers has said.
The consumption growth is tipped to be driven by an expected 7.1% growth in domestic steel demand in calendar year 2019, the ISA said adding that demand is likely to grow marginally in the next calendar year 2020 by 7.2%. For financial years 2019-20 and 2020-21, however, the forecast for steel demand growth is 7.2%.
“Consumption growth is expected to improve driven by measures for farmers, unorganized sector and government employees. Cumulatively, the Indian economy is likely to maintain above 7% growth in next couple of years,” the statement said.