India's steel demand growth rate will remain above 7% this year and next
According to China Steel News Network, the Indian Iron and Steel Association recently said that in the construction, capital goods, and railway industries, India's steel demand is expected to maintain an annual growth rate of more than 7% this year and next.
India's steel demand will rise by 7.2 percent in fiscal years 2019-2020 and 2020-2021, according to the Indian Iron and Steel Association. An industry agency report also predicted that India's steel consumption could exceed 100 million tons this year. The relevant person in charge of the Indian Ministry of Steel said that due to strong manufacturing in India, diversified demand structure, accelerated infrastructure spending, expected GDP growth and strong concerns about Indian manufacturing, the growth trend of Indian steel consumption will continue. In addition, although the reduction in Goods and Services Tax (GST) will support real estate demand, the continued increase in capacity in the renewable energy sector will continue to boost demand for power equipment, which will support continued growth in steel demand.
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