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Steel demand in India expected to grow above 7 pc in 2019, 2020: World Steel Association

Press Trust of India  |  New Delhi 

demand in is expected to grow above 7 per cent in the current as well as next year, according to the World Association.

The global body in its report, titled 'Short Range Outlook April 2019', said it forecasts that global may reach 1,735 million tonne (MT) in 2019, a rise of 1.3 per cent over 2018.

In 2020, the demand is projected to grow 1 per cent to 1,752 MT, it said.

"In developed economies, grew by 1.8 per cent in 2018 following a resilient 3.1 per cent growth in 2017. We expect demand to further decelerate to 0.3 per cent in 2019 and 0.7 per cent in 2020, reflecting a deteriorating trade environment," the body said.

in emerging economies, excluding China, is expected to grow 2.9 per cent and 4.6 per cent in 2019 and 2020, respectively, it said.

For India, it said, "The wide range of continuing infrastructure projects is likely to support growth in steel demand above 7 per cent in both 2019 and 2020."

In developing economies in Asia, excluding China, the demand is expected to grow by 6.5 per cent and 6.4 per cent in 2019 and 2020, respectively, making it the fastest-growing region in the global steel industry, it added.

The global association represents steel producers, including nine of the world's 10 largest firms, national and regional associations, and Its members represent around 85 per cent of global

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 18:46 IST