WSA sees India as savior as global demand for steel slumps
As per the forecast by the World Steel Association (WSA), whose members represent around 85 percent of global production of the ferrous metal, global demand for Indian steel materials is expected to rise - largely driven by robust manufacturing and construction activity in India and Southeast Asia. In 2018, demand was projected to rise 1.8% to 1.61 billion tons in 2018, and 0.7% in 2019 to another record of 1.62 billion tons, according to the Brussels-based WSA. China, which accounts for nearly half of global demand, is losing momentum as economic growth slows. Meanwhile, India, the world's second-most-populous country behind China, is seeing steel demand rise steadily. India's crude steel output is expected to top that of Japan this year, making the country the world's second-biggest producer after China. The government in New Delhi is working to raise output capacity to 300 million tons — three times Japan's current production — by 2030. JSW Steel and other Indian steel-makers are actively investing in their facilities and are also boosting production in Southeast Asia. In fact, the steel industry around the world is shifting toward electric furnace production because of its lower carbon emissions.
📅Published on:
23 April 2019
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