Imports hint at increased demand amid controversies over demand growth in steel


- Occasional

- Demand in steel market in rural areas was lower than expected

- Prices of iron ore, the main raw material for steel, rose by $40 per tonne in the world market in three months

The iron and steel market and industry in the country has recently witnessed a rapid change in the equation. In the current year of 2023 in various cities and states of the country, market experts are showing the possibility of increase in the demand of the steel market and industry from this sector amid the calculation of more financial funds in the construction and infrastructure sector. A similar situation has been seen in the cement market as well. Although interest rates are rising recently due to high inflation at home and globally, many analysts fear that this year will also be a year of economic recession, given the optimism of further demand growth in the steel and cement markets which is currently being shown. Whether it is fulfilled or not is also being watched by the market players. According to steel industry experts, prices of raw materials have come down recently. However, if we look at the recent period of 6 to 8 months, the demand from rural areas in the steel market has been less than expected. While the demand from urban areas is maintained. Market insiders said that the demand for steel from the auto industry has also increased recently. The demand for vehicles in the auto industry in the country has recently reached the pre-Covid demand, indicating that the auto industry has come out of the covid effect, and due to this, there has been a positive trend in the demand from the auto industry in the steel market. It is being discussed in the market. Demand for commercial vehicles has increased. However, the demand for two-wheelers is growing as expected. Demand for such vehicles from rural areas has been sluggish and the steel market has also been eyeing it. There has been a recovery in the construction sector but according to steel market insiders the recovery in the construction sector has been slower than expected.

Demand for steel has increased from manufacturers making pipelines of oil, gas, water etc. As a whole, steel industry forecasts show that the growth rate of steel demand will be equal to the growth rate of GDP in the country. Globally, the side effects of the war between Russia and Ukraine have been seen in European countries and the economic slow-down in Europe has affected European demand in the global steel market. However, in the beginning of 2023, as the cases of Corona rapidly increased in China, there was concern about China's demand in the global steel market. But according to the recently released directives, Corona has come back under control in China and steel, copper, crude oil vs. There are also signs of increasing optimism in China's demand for commodities. Steel prices have also increased in the world market. Global coal prices have also increased recently. According to the news received from Europe, the export of various goods from Germany and Italy to China has increased, and the possibility of economic recovery in Europe has also been shown. This is likely to have a positive impact on the global steel market.

Meanwhile, many steel producers in India are ramping up production capacity, with many producers making plans to expand capacity in the hope of increasing demand for steel. However, the debt-burden has increased on many steel producers and the tone of concern about this has also been heard in the steel market. Coal prices have gone up and the cost of production has also gone up as a result. However, coal from Russia is available at lower prices. However, it is also being discussed in the steel industry that the quality of Russian coal is poor compared to the quality of Australian and American coal. Chinese demand for Australian coal has recently picked up again. Coal prices have increased at a slow pace in January and February. But sources in the coal market are fearing that the rate of such price increase will increase in March. The price of iron ore, which is used as the main raw material in the production of steel, has risen to $120 per ton in the world market.

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