Indian Steel Association says Indian steel demand will maintain an annual growth rate of more than 7% in 2019 and 2020

Release time：Jul 08, 2019 From：ADMIN

    `According to the Indian Steel Association, India's steel demand is expected to maintain an annual growth rate of more than 7% in 2019 and 2020, driven by industries such as construction, capital goods and railways.

The Indian Iron and Steel Association predicts that Indian steel demand will increase by 7.1% and 7.2% in 2019 and 2020, respectively.

According to the Indian Steel Association, in the fiscal year, India's steel demand for the 2019-2020 fiscal year and the 2020-2021 fiscal year will increase by 7.2%.

The report also predicts that India's steel consumption in 2019 may exceed 100 million tons.

Indian Steel Minister Chaudhary Birender Singh said earlier this year that due to strong manufacturing in India, diversified population structure, accelerated infrastructure spending, expected GDP growth and strong concerns about Indian manufacturing, the growth trend of Indian steel consumption will continue. .

The Steel Association also said that investment-driven industries such as construction, capital goods and railways are expected to continue the healthy growth momentum driven by infrastructure projects such as Bharatmala, Sagarmala, railway electrification, dedicated freight lanes and subways.

In addition, while the reduction in Goods and Services Tax (GST) will support real estate demand, the continued increase in capacity in the renewable energy sector will continue to boost demand for power equipment.