Anglo-Australian mining giant BHP Billiton has forecast Indian steel demand will double by 2025, even as it termed the government’s steel production target of 300 million tonnes by 2030 as “aspirational”.
“Steel is going to be a great enabler for the Indian growth story, particularly for the downstream sector,” Huw McKay, vice-president, analysis and economics, at BHP Billiton, said on phone. “Using 2016 as the base, we expect the demand to double to roughly around 170 MT by 2025,” McKay told ET. India produced 97 million tonnes of crude steel in 2016-17.
McKay said construction and infrastructure would occupy the “lion’s share” of this growth in demand, with steel consumption growing almost at the same clip as the sector—at 8% till 2025. Read More