India is expected to see a 6 per cent growth in its steel demand during 2015, while the global demand is likely to remain at 2 per cent, a report said today.
“Higher demand is likely to come from India, with forecast growth of 6 per cent in 2015 compared to 1.8 per cent in 2013,” PricewaterhouseCoopers (PwC) said in a report.
It further said: “overall, the world steel demand growth is expected to remain around 2 per cent in 2014 and 2015, down from 3.8 per cent in 2013.”
The report said a sluggish demand on the global front is likely to continue as demand from China, the world’s largest steel consumer, declined considerably.
“Recoveries in Europe, the US and Japan are not anticipated to be strong enough to offset the slowdown in China and a number of emerging economies,” it said.
The fall in raw materials prices and weaker demand for steel may cause some steel companies to take a hard look at their resource portfolios, it added.