New Delhi: Steel demand in India is expected to grow above 7% in the current as well as next year, according to the World Steel Association.
The global steel body in its report, titled 'Short Range Outlook April 2019', said it forecasts that global steel demand may reach 1,735 million tonne (MT) in 2019, a rise of 1.3% over 2018.
In 2020, the demand is projected to grow 1% to 1,752 MT, it said.
"In developed economies, steel demand grew by 1.8% in 2018 following a resilient 3.1% growth in 2017. We expect demand to further decelerate to 0.3% in 2019 and 0.7% in 2020, reflecting a deteriorating trade environment," the body said.
Steel demand in emerging economies, excluding China, is expected to grow 2.9% and 4.6% in 2019 and 2020, respectively, it said.
For India, it said, "The wide range of continuing infrastructure projects is likely to support growth in steel demand above 7% in both 2019 and 2020." In developing economies in Asia, excluding China, the demand is expected to grow by 6.5% and 6.4% in 2019 and 2020, respectively, making it the fastest-growing region in the global steel industry, it added.
The global association represents steel producers, including nine of the world's 10 largest firms, national and regional steel industry associations, and steel research institutes. Its members represent around 85% of global steel production.