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India set to replace US as the second-largest steel-consuming country

India is set to pip the United States as the second largest steel consuming country in the world next year. China, the largest market for steel, will remain on top with an estimated consumption of 781 million tonnes. According to a World Steel Association forecast, the usage of finished steel product in the country is expected to touch 102.3 million tonnes in 2019, up from an estimated 95.4 million tonnes this year, registering a year-on-year growth of 7.3 per cent. The country recorded steel usage of 88.7 million tonnes in 2017. The steel consumption in the US is projected at 101.2 million tonnes next year, up from an estimated 99.9 million tonnes this year. As the shocks of demonetisation and implementation of GST retract, the outlook for the Indian economy is improving Steel demand is expected to show high growth driven by revival in investment and healthy consumption.

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