Indian Steel Demand to Revive from Novembe

Release time：Oct 31, 2019 From：admin

Cogenics reported that Jindal Steel and Power Ltd’s Managing Director Mr VR Sharma sees demand for steel rising November onwards, only if the government takes steps to lift the economy. In an interview he said “Steel requirement has been lower this year. Infrastructure projects such as railways, transmission towers, rural electrification, and roads require steel the most. But these projects require lot of funds and are mostly government-driven. So the lead has to be taken by the government. The government has taken some good steps like reducing corporate tax and start-up tax, but it will take some time for these measures to show results. Let us hope things get better and the government takes steps to navigate the economy in the right direction. I expect steel prices to rise November onwards as steel consumption increases during this time and sustain till April.”

He also said “Steel plates, rails, angle, channels etcare doing well but the cold-rolled, galvanised, and colour-coated coils are not doing well. HRC has seen weak demand not only because of the slowdown in the automobile industry but also because of the slowdown in the pipe and tube industry, tanks fabrications, oil tanks, and many other engineering applications where it is widely used. Once economic growth is triggered, HRC prices would also rise.”