Modi Focus on Railways, Housing Set to Double India Steel Demand
- Rising metal usage forecast to boost iron ore consumption
- Fivefold jump in economic growth rate to drive steel demand
A worker writes on an iron beam at a wholesale steel and iron market in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Steel demand in India, the world’s third-biggest producer, is set to more than double in the next decade as Prime Minister Narendra Modi boosts investments in infrastructure.
Consumption is seen expanding to 210 million metric tons by 2025-26 from 90 million tons in the fiscal year ended March 31, S. Abbasi, joint secretary in the Steel Ministry, told an industry conference in Raipur in Chhattisgarh state on Tuesday. The demand surge is seen boosting iron ore usage to an estimated 360 million tons over the same period, coking-coal consumption to 140 million tons and non-coking coal to 100 million tons, he said.