Worldsteel cuts Indian steel demand grow in 2011 to 4.3pct from earlier 13.3pct

Thursday, 13 Oct 2011

World Steel Association in its Short Range Outlook for 2011 and 2012 said that India's steel consumption may grow by just 4.3% in 2011 to 67.7 million tonne.

Worldsteel said “In 2011, India’s steel use is forecast to grow by 4.3% to reach 67.7 million tonnes due to economic growth. In 2012, the growth rate is forecast to accelerate to 7.9%.”

On April 18th, worldsteel in Short Range Outlook for 2011 and 2012 had said “India is expected to show strong growth in steel use in the coming years due to its strong domestic economy, massive infrastructure needs and expansion of industrial production. In 2011, India’s steel use is forecast to grow by 13.3% to reach 68.7 million tonnes. In 2012, the growth rate is forecast to accelerate further to 14.3%.”