India’s steel demand to grow by over 7% in 2019 and 2020

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India’s steel demand is likely to grow by over 7% in 2019 and 2020, driven by sectors like construction, capital goods and railways, according to the Indian Steel Association (ISA). “The Indian Steel Association has forecast India’s steel demand to grow by 7.1 per cent in calendar year 2019 and by 7.2 per cent in calendar year 2020.”

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  • As for financial year, the forecast for steel demand growth is 7.2% in both 2019-20 and 2020-21, the ISA said.
  • It also forecast that India’s steel consumption is likely to cross 100 MTs (Million Tonnes) mark in 2019.
  • Growth trend in steel consumption in India will continue, due to strong manufacturing sector, diversified demand demographics, accelerated expenditure on infrastructure, anticipated increase in GDP and strong focus on ‘Make in India‘, said Steel Minister Chaudhary Birender Singh earlier this year.
  • The statement said,”Investment driven sectors such as construction, capital goods and railways are likely to maintain the healthy growth momentum driven by infrastructure programmes such as Bharatmala, Sagarmala, railway track electrification, dedicated freight corridors, metro rails, etc.”
  • In addition, while, reduction in GST rates will support the real estate demand, ongoing capacity additions in renewable energy segment would continue to boost the electrical equipment demand, it said.

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