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