India, the world’s second-largest steel producer, is likely to see a year full of prominent changes in calendar year 2020 (CY20). Right from mineral auctions, 2020, steel capacity ramp-ups to government plans to boost steel demand are a few key factors that are likely to drive the industry next year.
Automotive, construction & infrastructure and home appliances are among the few industries which will propel steel sector growth in India, it is anticipated.
India has very ambitious plans with regard to its steel capacity expansions. The country aspires to achieve 300 million tonnes (MnT) of steel-making capacity by 2030, according to the National Steel Policy, 2017, which seeks to increase the consumption of steel, the major drivers for which are infrastructure, automobiles, and housing. India aims to increase its per capita steel consumption to 160 kg by 2030.
However, the Indian steel industry’s vacillating fortunes in 2019 were a grim reminder that the domestic industry is far from insulated from global shocks. Prices had bottomed out by October 2019 and global steel demand was sluggish, to say the least. Severely hit by a weak construction sector and the slowdown in the automotive segment, which looks likely to persist into the New Year, the Indian steel industry’s performance graph went into a downward spiral. But, the tide started turning from October onwards, with sales and demand inching up slowly.
This story is from the January 2020 edition of Steel 360.
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This story is from the January 2020 edition of Steel 360.
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