India’s output to grow just 4% in ‘13 as domestic demand sags

Aug 27, 2013 | 12:17 PM |

Tags  Indian steel, steel output, steel production forecast, World Steel Association, Metal Bulletin Research, steel outlook, construction, automotive rebar

LONDON — The outlook for India’s steel industry is uncertain, with output expected to grow just 4 percent this year as domestic demand slumps, AMM sister publication Steel First said based on a forecast by Metal Bulletin Research.

Output growth has slowed considerably over the past three years as the domestic economy retreated from previous high rates of expansion.

Indian steel output growth had averaged 10 percent annually for the decade prior to 2013, and reached 77 million tonnes in 2012, according to the World Steel Association.

As the value of the Indian rupee tumbles amid high inflation and slowing economic growth, new steel capacity is coming online that was built on the expectation of significantly higher demand.....

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