Economic slowdown: Steel consumption set for slowest growth in three years

The S&P BSE Metal Index has also plunged about 30% so far this year

Demand for steel in India could grow at the slowest pace in three years as an economic slowdown in the global industry’s bright spot deepens.

Steel consumption in India is likely to increase by less than 6 per cent this fiscal year, according to ICRA Ltd., the local arm of Moody’s Investors Service. That would make it the slowest pace since a 3.1 per cent increase in the year ended March 2017.

“Our earlier view was that demand should grow at 6 per cent to 7 per cent,” Jayanta Roy, a senior vice president at ICRA, said in an interview. “A growth