Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

With China’s massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a savior for flagging global steel demand.
 

Poised to overtake China as the world’s most populous country next year, India is in the midst of a building boom. Prime Minister Narendra Modi is seeking to modernize roads, rail networks and ports in attempt to vie with China as a manufacturing hub.

That’s set to translate into a 6.7% jump in steel demand to around 120 million tons in 2023, according to the World Steel Association, the highest growth