‘India’s steel demand to beat global trend, consumption to rise by 2%’
The Financial Express, April 29, 2009, Page 13
London: Bucking the global trend, India’s steel consumption is likely to rise by nearly 2% to 53.5 million tonne in 2009, the World Steel Association has said.
In its short-range outlook for global steel sector, the Association representing 180 steel producers across the world, said that India’s steel consumption is estimated to grow by 1.7 per cent to 53.5 million tonnes (mt) this year against 526 mt in 2008. “India is projected to have a positive growth of (about) 2 % for apparent steel use in 2009,” a statement from the World Steel Association (WSA) said.
It however, did not ascertain the reasons for the growth though experts said it would be mainly on account of improved demand from automobile and construction sectors.
Globally, WSA has forecast steel consumption declining by 14.9 % to 1,018.6 mt as against 1,197 mt a year-ago.
The association, however, expects the demand to stabilise in latter part of 2009, leading to a mild recovery in 2010.
“... (The) improvement in steel consumption for the second half of 2009 will depend on the effects of government packages, the continued stabilisation of financial systems and a return of some consumer confidence,” WSA Economics committee chairman Daniel Novegil said.
The WSA board reviewed the forecast for 2009 at its meeting in London last week. Other than India, the countries that are expected to report a positive growth rate in usage of steel during the year are Egypt and Iran.
The US is likely to report the biggest decline of 36.6% in steel demand at 61.8 million tonnes against 97.5 million a year-ago. Japan and Europe face similar fall.
—PTI
The Financial Express, April 29, 2009, Page 13
London: Bucking the global trend, India’s steel consumption is likely to rise by nearly 2% to 53.5 million tonne in 2009, the World Steel Association has said.
In its short-range outlook for global steel sector, the Association representing 180 steel producers across the world, said that India’s steel consumption is estimated to grow by 1.7 per cent to 53.5 million tonnes (mt) this year against 526 mt in 2008. “India is projected to have a positive growth of (about) 2 % for apparent steel use in 2009,” a statement from the World Steel Association (WSA) said.
It however, did not ascertain the reasons for the growth though experts said it would be mainly on account of improved demand from automobile and construction sectors.
Globally, WSA has forecast steel consumption declining by 14.9 % to 1,018.6 mt as against 1,197 mt a year-ago.
The association, however, expects the demand to stabilise in latter part of 2009, leading to a mild recovery in 2010.
“... (The) improvement in steel consumption for the second half of 2009 will depend on the effects of government packages, the continued stabilisation of financial systems and a return of some consumer confidence,” WSA Economics committee chairman Daniel Novegil said.
The WSA board reviewed the forecast for 2009 at its meeting in London last week. Other than India, the countries that are expected to report a positive growth rate in usage of steel during the year are Egypt and Iran.
The US is likely to report the biggest decline of 36.6% in steel demand at 61.8 million tonnes against 97.5 million a year-ago. Japan and Europe face similar fall.
—PTI
Posts
No comments:
Post a Comment