India’s steel consumption in Q3’22 (till Aug) was 17.8 million tonnes (mnt). However, the country’s steel consumption in Q2’22 increased by 11% year-on-year (y-o-y) to 25.5 mnt from 23 mnt in Q2’21. The government is expecting steel demand to increase in Q3, it being a “good” period for construction activities. “Demand will increase towards the end of the monsoon. The present commodity price fall is encouraging buyers to lock into a price decision. So, buying will see traction in the coming quarters,” a source said, adding that he expects demand to grow 6-7% in the coming quarters, unless there is any unforeseen shock.
Leave a Reply