Industry News

India to See Healthy Growth in Steel Demand at 8.6% in 2023: worldsteel

Views : 77
Update time : 2023-10-18 14:46:35

The demand for steel in India is expected to register a 'healthy growth' of 8.6 per cent against the overall global rise of 1.8 per cent in 2023, worldsteel said on Tuesday.

It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach 1,814.5 MT after having contracted by 3.3 per cent in 2022. In 2024, the demand will see an increase of 1.9 per cent to 1,849.1 MT, the World Steel Association (worldsteel) said.

For India, the global body said, "after a growth of 9.3 per cent in 2022, steel demand is expected to show healthy growth of 8.6 per cent in 2023 and 7.7 per cent in 2024." The Indian economy remains stable against the pressure of high interest rate environment, and the steel demand is expected to continue its high growth momentum.

Growth in India's construction sector is driven by government spending on infrastructure and recovery in private investment. Infrastructure investment will also support the capital goods sector growth, worldsteel said in its Short Range Outlook (SRO).

Related News
Read More >>
Ukraine's steel production increases by 15.8% in 2024 Ukraine's steel production increases by 15.8% in 2024
Jan .17.2025
Ukraine's steel production increases by 15.8% in 2024
EU steel & aluminum industries urge stricter scrap export controls amid rising leakage EU steel & aluminum industries urge stricter scrap export controls amid rising leakage
Jan .17.2025
EU steel & aluminum industries urge stricter scrap export controls amid rising leakage
South Korea recommends provisional AD measure on Chinese stainless steel plates South Korea recommends provisional AD measure on Chinese stainless steel plates
Jan .17.2025
South Korea recommends provisional AD measure on Chinese stainless steel plates
LME records highest trading activity since 2015 as nickel & tin lead growth LME records highest trading activity since 2015 as nickel & tin lead growth
Jan .17.2025
LME records highest trading activity since 2015 as nickel & tin lead growth