Steel looks East for growth
Global demand remains tumultuous in the wake of US-China trade war and slowing sales. However, numbers in India give the sector hope. This is the time of year when demand forecasts by the World Steel Association, whose members represent around 85 per cent of global production of the ferrous metal and the industry leader ArcelorMittal, which with production of 92.5 million tonnes (mt) of crude steel in 2018 was not much behind India’s 106.5 mt, are made available.
Coming from establishments of such standing, their country-wise demand projections give some guidance to how the prices of steel and the principal raw materials that go into its making such as iron ore and metallurgical coal will behave for the rest of the year.