Construction Industry News
Despite the volatile market conditions, the World Steel Association (WSA) anticipates steel demand in India to grow by 5.9% to 75.8 million tonne in 2013 against a 2.5% growth marked in 2012. As per the recent report, the steel demand in India is likely to grow due to monetary easing which will support investment activities.
In 2014, growth in steel demand is expected to further accelerate to 7.0% thanks to the reform measures aimed at narrowing the fiscal deficit, coupled with measures to improve the foreign direct investment inflow.
WSA said global apparent steel use will increase by 2.9% to 1454 mt in 2013, following a 1.2% growth in 2012. In 2014, it sis forecast that world steel demand will grow further by 3.25 to reach 1500 million tonne.
Whereas, the association estimates the US steel demand to increase by 2.7% to 99.3 million tonnes, due to continuing fiscal concerns. In 2014, steel demand is expected to increase by 2.9%, thus exceeding 100 Mt with the help of positive momentum from the construction sector. For NAFTA as a whole, apparent steel use will grow by 2.9% and 3.0% in 2013 and 2014 respectively, WSA said in its outlook.
Steel demand in Japan is expected to decline for the second consecutive year in 2013 by -2.2% to 62.6 Mt due to contracting shipbuilding and automotive sectors. On the other hand steel use in China is expected to grow by 3.5% in 2013 to 668.8 million tonnes following a 1.9% increase in 2012.
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