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The World Steel Association has cut India's steel use growth forecast to 4.3 per cent in 2011 from the earlier projected 13.3 per cent growth. Steel consumption in India would now be 67.7 million tonnes as against the earlier projection of 68.7 million tonnes.
The decline is largely attributed to the weakening economic environment. For 2012, the growth forecast has been reduced to 7.9 per cent from the earlier projections of 14.3 per cent.
In its short range outlook on Wednesday, the WSA has forecast that global steel use will grow by 6.5 per cent to 1.398 billion tonnes in 2011. Earlier it had projected that global steel use would grow 5.9 per cent in 2011 to 1.359 billion tonnes.
“Today the global economy is facing increased uncertainty over how the ongoing turmoil in the financial markets will evolve and how it will affect the real economy. In light of this global economic uncertainty, our forecast should be considered as cautiously optimistic,” said Mr Daniel Novegil, Chairman of the World Steel Economics Committee.
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