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Global Steel Market Faces a Cyclical Upturn with India Becoming the Bright Spot

With the countryâs increased demand from the construction, automotive and infra sectors, India is seen as a âbright spotâ for the global steel output growth. The reports of the World Steel Association have recorded 4 per cent growth in steel production in the Indian domestic market. Revitalization of Indian steel market is made possible as the Government spearheads the development in the steel industry by making upgrades to the existing steel mills and encouraging state-owned companies to step into building new steel plants.

The Present Day Market Conditions

The latest provisional data from Joint Plant Committee shows that Indian crude steel production during April-November 2017 was 66.7 million tons, a growth of 4.5% Year Over Year. Also, the consumption of total finished steel saw a growth of 4.2% to climb to 56.778 million ton.

Indian Steel Market â Predictions

The World Bureau of Metal Statistics forecasts Indiaâs steel output to average annual growth of 8.9% during 2017-2021, higher than 2.9% during 2012-2016. The report also adds, âIndiaâs steel output will grow from 88.4 million tons (MT) in 2017 to 128.6 MT by 2021 and the countryâs share of global steel production will accelerate from 5.4% in 2017 to 7.7% in 2021.â

Infrastructure Projects in India to Raise the Steel Demand

The following infrastructure projects in India proposed by the Prime Minister Narendra Modi have led to the increase in steel demand.

- The Varanasi Smart City Project

- National Steel Policy

- Modiâs Housing Scheme for All

- Bharatmala Project

Steel Scrap Import Slacks in India

Due to the high metal price and the sluggish steel market, the import market of steel scrap runs dim in India and is predicted that the import market will not turn active in a short time. With an increase in steel output, India looks to become less reliant on import scraps. This downward trend is evident by the price differences for steel scrap imports in both the domestic and international market. The implementation of the new Indian Metals Recycling Policy drags down the import of steel scrap and gives way for the leading players such as Tata Steel Recycling & Mahindra Intertrade to collect and process more domestic scrap.

âIndiaâs steel sector is expected to grow from 89 million metric tons per year of output currently to as much as 300 million metric tons by 2030. Also, the ferrous scrap deficit is poised to grow from 5 million tons per year currently to up to 9 million tons by 2022,â according to Sunil Barthwal of Indiaâs Ministry of Steel.

To cover the gap between scrap demand and its supply in the domestic market, India need âhundredsâ of shredding plants and the Government is working towards its ambition to become self-sufficient in scrap.
About Author Guna Seelan :

The author of this article is a leading scrap dealer in India with over a decade of experience in the industry. In this article, he writes about the current state of" target="_blank">steel market in India and the increasing demand for domestic steel scrap. Visit" target="_blank"> for more information.

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Article Added on Sunday, March 4, 2018
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