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 Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?