Monday , October 18 2021

India’s steel demand growth pace to slow down: Moody’s

Amid sluggish demand in automobile and manufacturing sector, the global rating agency, Moody’s Investors Service in its latest report ‘Asia: Steel – 2020 outlook’ has said that India’s steel demand growth pace will slow down but will remain strongest in Asia, even as growth pace slows.

According to the report, Indian steel output will increase on higher capacity utilisation as demand grows, while the country’s strong demand will keep imports high, but protectionist measures such as import taxes and anti-dumping duties will safeguard domestic steel producers.

Besides, Moody’s noted that the US tariffs will have a limited impact on rated producers’ sales, but the prolonged US-China trade disputes will have a spill-over impact through weaker macro conditions. Globally, it said that soft demand from the property & manufacturing sectors will limit Chinese steel demand growth, while Korean demand will soften because of the sluggish construction & auto sectors.

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