RINL sees positive outlook for Indian steel demand

Indian state-run steelmaking and mining company Rashtriya Ispat Nigam Limited (RINL), also known as Vizag Steel, has said it sees a very positive outlook for Indian steel demand in the coming months.
 
According to RINL's statement, the global economy is expected to grow faster in 2014, while the Indian economy is also expected to see a faster growth because of the recent initiatives taken by the government for infrastructure development in the country.
 
As several infrastructure projects have already started throughout the country, steel demand especially for long products remains firm, the company said. Other sectors are also showing signs of revival. This will enable RINL to capture adequate market demand for its additional production, which RINL will be getting from its new units beginning from April.
 
RINL managing director Sri P.Madhusudan said that, as prices firmed up in the fourth quarter, he expects this firmness to continue in the coming months as well. He also indicated that the steel majors are likely to consider further increases in steel prices.