India’s Steel Consumption Set to Break Records
India’s steel consumption is set to break records this year, reversing the performance in 2020 when demand crashed as the pandemic upended economic activity. Demand for steel is expected to surge 17% to 110 million tons in the year started April, according to Seshagiri Rao, joint managing director of JSW Steel Ltd. Consumption of steel in 2020 fell year-on-year for the first time in at least a decade-and-a-half.
“Rising power consumption and mining activity, along with higher tractor and passenger vehicles sales is pushing up demand for the metal. We have seen a good revival in the month of June and July,” he said. “Construction demand will also pick up after the festive season. That’s likely to impact exports, which jumped to 17 million tons last year. Shipments will fall slightly below that level this year as steelmakers divert more supply to meet local demand, Rao said. JSW’s exports will remain steady at the 4 million tons shipped last year,” Rao said.