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Mining giant BHP Billiton predicts India's steel demand will double by 2025, even if the government's steel production target of 300 million tonnes by 2030 is "desirable"
.
Huw McKay, vice president of analysis and economics at BHP Billiton, said in a telephone interview, "Steel will be an important driver of India's economic growth, especially in the downstream sector
.
Based on 2016, we expect demand to double to around 170 million tonnes
by 2025.
”
India produced 97 million mt of crude steel
in FY 2016-17.
McKay said this share of buildings and infrastructure will account for the "lion's share" of this demand growth, with steel consumption growing almost in tandem with the industry and expected to grow by 8 percent
by 2025.
Economists consider the government's steel production target of 300 million tonnes by 2030 to be "aspirational"
.
However, he acknowledged that the acceleration of insolvency proceedings should help the sector and would also benefit
it.
The international trade war, triggered by U.
S.
import tariffs of 25 percent on steel and 10 percent on aluminum, has left countries guessing the impact and coming up with their own strategies to counter possible dumping
by their respective countries.
However, McKay says there is enough demand in the world to absorb steel
.
"Demand growth in the global economy is very broad," McKay said, adding that India is exporting to neighboring economies rather than "away from the market," so there isn't much to worry
about.
At the same time, McKay stressed that BHP Billiton does not endorse any form of protectionism
.
Mining giant BHP Billiton predicts India's steel demand will double by 2025, even if the government's steel production target of 300 million tonnes by 2030 is "desirable"
.
Huw McKay, vice president of analysis and economics at BHP Billiton, said in a telephone interview, "Steel will be an important driver of India's economic growth, especially in the downstream sector
.
Based on 2016, we expect demand to double to around 170 million tonnes
by 2025.
”
India produced 97 million mt of crude steel
in FY 2016-17.
McKay said this share of buildings and infrastructure will account for the "lion's share" of this demand growth, with steel consumption growing almost in tandem with the industry and expected to grow by 8 percent
by 2025.
Economists consider the government's steel production target of 300 million tonnes by 2030 to be "aspirational"
.
However, he acknowledged that the acceleration of insolvency proceedings should help the sector and would also benefit
it.
The international trade war, triggered by U.
S.
import tariffs of 25 percent on steel and 10 percent on aluminum, has left countries guessing the impact and coming up with their own strategies to counter possible dumping
by their respective countries.
However, McKay says there is enough demand in the world to absorb steel
.
"Demand growth in the global economy is very broad," McKay said, adding that India is exporting to neighboring economies rather than "away from the market," so there isn't much to worry
about.
At the same time, McKay stressed that BHP Billiton does not endorse any form of protectionism
.
