According to the Indian Steel Association (ISA), steel demand in the fiscal year 2023-24 was expected to grow by 7.5% to 128.85 million tons, pushed up by strong infrastructure spending from the government. For the fiscal year 2024-25, the growth was expected to reach 6.3%, resulting in 136.97 million tons in steel demand.
Besides, the World Steel Association also foresaw a 7.3% increase in 2023 and a 6.2% growth in 2024 for India.
ISA said that the Indian government's measure to greatly raise capital expenditure in the union budget of 2023-24 was expected to promote road and railway infrastructure, and steel demand will increase under the support by the government’s increased investment in housing projects.
Source: YIEH
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