India's steel demand to grow by 3.4% in 2014
Updated: Oct 06, 2014 03:08:08pm
New Delhi, Oct 6 (KNN) The World Steel Association (WSA) has projected India’s steel demand to grow by 3.4 per cent to 76.2 Mt during the current year.
The global industry association has further projected demand growth for the next year even higher at six per cent, a significant rise as compared to 1.8 per cent in 2013.
“India’s outlook is improving following the election of a new government which is promising pro-business reforms. In 2014, India’s steel demand is expected to grow by 3.4 per cent to 76.2 Mt in 2014, following growth of 1.8 per cent in 2013,” WSA today said in a press release.
“In 2015 structural reforms and improving confidence will support a further 6 per cent growth in steel demand but elevated inflation and fiscal consolidation remain key downside risks to the outlook,” the release added.
In its April outlook, WSA had projected 3.3 per cent growth in steel demand for India in 2014.
WSA today released its Short Range Outlook (SRO) for 2014 and 2015. It forecasts that global apparent steel use will increase by 2.0 per cent to 1,562 Mt in 2014 following growth of 3.8 per cent in 2013. In 2015, it is forecast that world steel demand will grow by another 2.0 per cent and will reach 1,594 Mt.
Chairman of WSA Economics Committee, Hans Jürgen Kerkhoff said “The positive momentum in global steel demand seen in the second half of 2013 abated in 2014 with weaker than expected performance in the emerging and developing economies. As a consequence we are issuing a lower steel demand growth figure than our forecast released in April this year.
“Recoveries in the EU, United States and Japan are expected to be stronger than previously thought, but not strong enough to offset the slowdown in the emerging economies,” he said.
In 2015 we expect steel demand growth in developed economies to moderate, while we project growth in the emerging and developing economies to pick up. In China rebalancing will continue to act as a drag on steel demand, Kerhoff added. (KNN/SD)
The global industry association has further projected demand growth for the next year even higher at six per cent, a significant rise as compared to 1.8 per cent in 2013.
“India’s outlook is improving following the election of a new government which is promising pro-business reforms. In 2014, India’s steel demand is expected to grow by 3.4 per cent to 76.2 Mt in 2014, following growth of 1.8 per cent in 2013,” WSA today said in a press release.
“In 2015 structural reforms and improving confidence will support a further 6 per cent growth in steel demand but elevated inflation and fiscal consolidation remain key downside risks to the outlook,” the release added.
In its April outlook, WSA had projected 3.3 per cent growth in steel demand for India in 2014.
WSA today released its Short Range Outlook (SRO) for 2014 and 2015. It forecasts that global apparent steel use will increase by 2.0 per cent to 1,562 Mt in 2014 following growth of 3.8 per cent in 2013. In 2015, it is forecast that world steel demand will grow by another 2.0 per cent and will reach 1,594 Mt.
Chairman of WSA Economics Committee, Hans Jürgen Kerkhoff said “The positive momentum in global steel demand seen in the second half of 2013 abated in 2014 with weaker than expected performance in the emerging and developing economies. As a consequence we are issuing a lower steel demand growth figure than our forecast released in April this year.
“Recoveries in the EU, United States and Japan are expected to be stronger than previously thought, but not strong enough to offset the slowdown in the emerging economies,” he said.
In 2015 we expect steel demand growth in developed economies to moderate, while we project growth in the emerging and developing economies to pick up. In China rebalancing will continue to act as a drag on steel demand, Kerhoff added. (KNN/SD)
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