India's finished steel demand to increase 6.2%

India’s finished steel demand to increase 6.2%

India's demand for finished steel products is expected to increase 6.2% in 2005 and 6.4% in 2006. According to a recent forecast by the International Iron and Steel Institute (IISI), India's total demand will be 34.3 million tons in 2005 and 36.5 million tons in 2006. The forecast also shows that India will hold the third position in the world over the next two years in terms of demand growth for finished steel. On the other hand, Indian government expects finished steel production capacity to reach 110 million tons by 2020 compared to current capacity of around 34 million tons.