International credit rating agency Moody’s Investors Services has stated that steel demand in India remains strong compared to other regions such as the EU and the US, according to a media report by Reuters.
India’s finished steel consumption in the April-October period this year increased by 11.4 percent year on year to 65.5 million mt. Over the next 12-15 months, domestic steel consumption in India is expected to grow by a high single-digit rate, supported by infrastructure investments ahead of the country’s national elections in 2024.
Meanwhile, according to Moody’s, major Indian steelmakers’ profitability was affected negatively in the July-September period due to lower steel prices, the global slowdown and export taxes. India’s steel exports decreased by more than 50 percent in the April-October period.
