Steel demand in India is expected to grow by 5.4 per cent to 83.8 million tonnes (MT) this year on the back of low oil prices, reform momentum, the World Steel Association(WSA) said today.
The global industry body has also forecasted that demand in the world’s third largest producer will again grow at 5.4 per cent to 88.3 MT in 2017. “India’s prospects are brightening due to low oil prices, the reform momentum and policies to increase infrastructure and manufacturing output. India’s steel demand will increase by 5.4 per cent in both 2016 and 2017 reaching 88.3 MT in 2017,” WSA said in a statement. With the integration of China in the global manufacturing supply chain, steel sector has slowed as a consequence of weak growth in global trade.