As the world steel outlook turns positive, India offers a glimmer of hope with increasing demand for the vital building material.
There is some good news for steel producers around the world. After years of wait, characterised by slowing demand, excess capacity and large inventory, facing headwinds that slowed consumption in recent years, demand growth in world steel is beginning to face a cyclical upturn. Consumption demand is expected to pick up on the back of the momentum in global economic growth. Based on the demand conditions, the World Steel Association (WSA), in its short-range outlook, has forecast that global steel demand will improve to 1,648 million tonnes (mt) in 2018 from an estimated 1,622 mt in 2017.
In 2017, the risk of global recession receding and economic performance improving across most regions, along with several geopolitical changes still created some concern. US policy uncertainties, Brexit, the rising populist wave in current European elections and the potential retreat from globalisation and free trade under the pressure of rising nationalism add a new dimension of uncertainty in investment environments. To balance this, risks from ongoing conflicts in the Middle East and in Eastern Ukraine appeared to be reducing.
In other words, the industry has, by and large, been able to ride out this year's political risks, including the Fed rate hikes, European elections, rising crude oil prices and Trump-induced market volatility. Admittedly, China is the mover and shaker of the world steel market by being the largest producer and consumer of the vital industrial material. Demand for finished steel is variable around the world, but, for the most part, it is forecast to increase this year in most regions.
Demand uptick
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Top Crisis
Short-term, consumer-centric measures have left the tomato, onion and potato farmers struggling to eke out a living.
Boon Or Bane?
With some adequate safeguards, the government's e-assessment scheme can be a win-win situation for both tax department and taxpayers.
Revisiting Development
Sustainable development is the way forward for India, which is in the midst of an economic downturn, ecological crises and stark human distress.
The Cabotage Debate
Relaxation of Cabotage rules has pitted foreign shipping lines against domestic shipping companies.
Catch-22
India finds itself in an unenviable position, as it weighs the pros and cons of joining RCEP.
Accept Mistakes Quickly
Anto Binish Kaspar is a firm believer in technology.
We Will Have 30 Franchisees By 2020
Naresh Sharma , CEO , Skora paints
The Revival Conundrum
Along with a patchwork of band-aids, a smart combination of monetary and fiscal measures can get the ailing economy back into the pink of health.
Mahatma Gandhi @150
The Mahatma firmly advocated that this world has enough for everyone's need but not greed. Gandhian economics, no wonder, cannot be more relevant today in times of erratic economic development, jobless growth and adverse climate changes.
Bitterness Lingers
A hike in subsidy does little to boost exports, thanks to a glut in the global market, and leaves sugar prices subdued in the domestic market.
