+
Steel demand in India to go up 20% this year: World Steel Association
Steel

Steel demand in India to go up 20% this year: World Steel Association

According to the World Steel Association (WSA), steel demand in India is expected to rebound by 19.8% in 2021, after it had declined 13.7% due to Covid-induced lockdown.

The WSA forecasted that demand growth for India in 2022, however, will be lower at 5.9%. In 2020, India’s steel consumption was 88.5 million tonne (mt) WSA told the media that after the severe impact of the pandemic, the Indian economy has been recovering strongly since August 2020, much sharper than expected, with the resumption of government projects and pent-up consumption demand.

Access the latest steel prices here

According to WSA, whose members represent 85% of the global steel production, the global steel demand will grow by 5.8% in 2021 to reach 1,874 mt, after declining by 0.2% in 2020. In 2022, global steel demand will see further growth of 2.7% to reach 1,924.6 mt. China, which recorded a 9.1% growth in consumption in 2020, is expected to see 3% and 1% growth respectively in 2021 and 2022.

Earlier, a Care Ratings report had said that the domestic steel prices recovered in March 2021 after suffering a slight dip in February and is expected to remain elevated over the coming months on the back of higher international steel and iron ore prices.

The report expects that hot-rolled coil (HRC) prices are expected to go up by at least Rs 3,500-4,000 per tonne in April 2021. A Rs 4,000 per tonne hike will take domestic HRC prices to Rs 59,000-60,000 per tonne, which would be the highest level seen since 2008.

Image Source


Also read: Steel prices go up by up to Rs 5,000 a tonne

Also read: Exclusive: Will form oversight committee from pvt sector, says Gadkari

According to the World Steel Association (WSA), steel demand in India is expected to rebound by 19.8% in 2021, after it had declined 13.7% due to Covid-induced lockdown. The WSA forecasted that demand growth for India in 2022, however, will be lower at 5.9%. In 2020, India’s steel consumption was 88.5 million tonne (mt) WSA told the media that after the severe impact of the pandemic, the Indian economy has been recovering strongly since August 2020, much sharper than expected, with the resumption of government projects and pent-up consumption demand. Access the latest steel prices here According to WSA, whose members represent 85% of the global steel production, the global steel demand will grow by 5.8% in 2021 to reach 1,874 mt, after declining by 0.2% in 2020. In 2022, global steel demand will see further growth of 2.7% to reach 1,924.6 mt. China, which recorded a 9.1% growth in consumption in 2020, is expected to see 3% and 1% growth respectively in 2021 and 2022. Earlier, a Care Ratings report had said that the domestic steel prices recovered in March 2021 after suffering a slight dip in February and is expected to remain elevated over the coming months on the back of higher international steel and iron ore prices. The report expects that hot-rolled coil (HRC) prices are expected to go up by at least Rs 3,500-4,000 per tonne in April 2021. A Rs 4,000 per tonne hike will take domestic HRC prices to Rs 59,000-60,000 per tonne, which would be the highest level seen since 2008. Image Source Also read: Steel prices go up by up to Rs 5,000 a tonne Also read: Exclusive: Will form oversight committee from pvt sector, says Gadkari

Next Story
Infrastructure Urban

Continental Expands Assistive ‘OnBoard’ Tech to 100+ BMTC Buses

Continental India, in partnership with the Indian Institute of Technology Delhi, Raised Lines Foundation, and Bangalore Metropolitan Transport Corporation (BMTC), has expanded its smart assistive mobility solution ‘OnBoard’ across more than 100 BMTC buses in Bengaluru. Initially piloted on 25 buses, the solution is now set to be installed in 500 buses by year-end.The expansion was officially announced at the BMTC Central Office during a press conference attended by Shri Ramalinga Reddy, Hon’ble Transport Minister of Karnataka.‘OnBoard’ is a bus-mounted assistive technology designed t..

Next Story
Infrastructure Energy

Himadri PAT Rises 48% in Q1 Amid Global Battery Push

Himadri Speciality Chemical Ltd reported its highest-ever quarterly EBITDA of Rs 234 crore and PAT of Rs 183 crore for Q1 FY26, with profitability up 48% YoY. Revenue stood at Rs 1,100 crore.CMD Anurag Choudhary attributed the gains to operational efficiencies, improved yields, and focus on high-value battery materials. Himadri also revived Birla Tyres with a new brand identity and plans a multi-platform marketing campaign.The firm signed a licensing deal with Australia’s Sicona for SiCx® anode tech, enabling localisation and commercialisation in India. Himadri also invested USD 4.43 millio..

Next Story
Infrastructure Urban

Covestro Develops Fire-Safe Foam for EV Battery Safety

Covestro has introduced Baysafe® BEF, a new flame-retardant polyurethane foam designed to enhance battery safety in EVs and energy storage systems. The foam minimises thermal propagation between cells, reducing fire risk.The launch aligns with China’s GB 38031-2025 battery regulation, effective from July 2026, which sets stringent safety standards. "This innovation represents a significant step toward enabling sustainable mobility through enhanced safety," said Akhil Singhania, Global Head of PU Specialties at Covestro.The foam's lightweight structure and fire resistance meet the needs of g..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?