India to Lead Global Demand for Steel in 2023

India to Lead Global Demand for Steel in 2023

India’s demand for steel is expected to jump 6.7% YoY in 2023 to around 120 mn tons, as per data released by World Steel Association (WSA), Invest-Gate reports.

The forecast flourishing of Indian demand for steel, coupled with the decelerated demand in China caused by the surge in Covid cases, position India as a savior of the global demand for the metal.

According to the WSA, India succeeded in replacing the US as the world’s second consumer of steel two years ago.

Jayant Acharya, Managing Director of JSW Steel, the biggest steel producer in India, notes that the building phase in any country requires more steel and commodities.

India is undergoing this phase right now and the country’s demand for steel is expected to exceed 200 mn tons by 2030, Acharya adds.

It is worth noting that India’s steel imports surged 15% YoY between April and October 2022, recording 3.1 mn tons.



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