Tag: #steel

Amid decline in China’s construction sector, India emerges as ‘saviour’ for global steel demand, says report

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.

Amid decline in China's construction sector, India emerges as 'saviour' for global steel demand, says report

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.

India doubled its steel production capacity in the past 8 years, to become world 2nd largest steel producing country.

India’s steel production has reached a historic level of 120 million tonnes per year making it the world’s second-largest producer of Steel, the government informed the Rajya Sabha.

Steel Minister Jyotiraditya Scindia said India intends to double its steel production to 300 million tonnes per annum by 2030.

“There has been a doubling in the last eight years of steel production in the country, which has been historic and which is why we have become the second largest steel producer in the world today,” he informed the Rajya Sabha during question hour.

The minister informed that steel production in the country has increased at a historic level. In 2013-14, we had only close to about 60 million tonnes per annum production of steel, we are today at 120 million tonnes,” he said.

India doubled its steel production capacity in the past 8 years, to become world 2nd largest steel producing country.

India’s steel production has reached a historic level of 120 million tonnes per year making it the world’s second-largest producer of Steel, the government informed the Rajya Sabha.

Steel Minister Jyotiraditya Scindia said India intends to double its steel production to 300 million tonnes per annum by 2030.

“There has been a doubling in the last eight years of steel production in the country, which has been historic and which is why we have become the second largest steel producer in the world today,” he informed the Rajya Sabha during question hour.

The minister informed that steel production in the country has increased at a historic level. In 2013-14, we had only close to about 60 million tonnes per annum production of steel, we are today at 120 million tonnes,” he said.