India Steel Market Watch
October 27: Despite the prolonged slackness, India may see its steel consumption rising to the level of 400-800 million tons (mt) by 2040, according to Dr Neil J Bristow, Managing Director, H&W Worldwide Consulting.
India’s per capita steel consumption was a mere 58 kg, compared to the global average of 225 kg/capita in 2013, but there is potential to grow up to 400-800 mt by the next 20-25 years, Bristow said recently in Kolkata.
About the global steel market, he said, despite a prolonged downturn, the industry has significant upside in growth and may double steel consumption by 2040.
Noting that global steel demand has dropped from 225 kg/capita in 2013 to 216 kg/capita last year, he said, “The major change was China which declined from 530 kg/capita to 510 kg/capita.”
“Although there is weakness in the steel industry… global consumption ex-China will continue to pick up as Indian demand rises together with other Asian countries, Middle East and Africa,” Bristow said.