India has emerged as a saviour for the sagging global steel demand with China’s enormous construction sector still in a funk and the US and Europe probably heading into recessions.
India is experiencing a building boom and is on track to surpass China as the world’s most populated nation by the end of the year. In an effort to compete with China as a manufacturing hub, Prime Minister Narendra Modi is attempting to revamp the roadways, rail systems, and ports.
According to the World Steel Association, this will result in a 6.7% increase in steel demand, reaching over 120 million tonnes in 2023, the greatest growth rate among large nations. This year, India experienced similar growth and surpassed the US to overtake China as the world’s second-largest user of steel.
The biggest producer in the country, JSW Steel Ltd., stated that “the nation-building phase of any economy demands a lot of steel and commodities.” According to him, India is currently moving through that phase, which might increase its steel demand to more than 200 million tonnes by 2030.