Moody’s says India a bright spot in global steel demand

India, the world’s second-largest crude steel producer, posted 11.4% growth in finished steel consumption during April-October to 65.5 million tonnes.

“India remains the bright spot because the underlying steel demand still remains quite solid,” Kaustubh Chaubal, a senior vice president at Moody’s, told Reuters in an interview.

“It is one of the brighter spots when we compare with any other region, whether it is APAC, Europe or even the U.S.”

In the coming months, a major catalyst for steel demand growth would be infrastructure investments ahead of India’s national elections in 2024, Chaubal said.

However, most major steelmakers suffered during July-September due to a drop in prices and a global slowdown.