Global industry body World Steel Association (WSA), in its latest report has revealed that India, the world's third largest steel producer, was among the top 10 importers of the alloy last year. India imported 13.3 million tonnes (MT) of the metal in 2015, slightly higher from 13.2 MT of steel imported by China during the same period. WSA data also showed that India exported 7.6 MT of steel in 2015, which was just a fraction of what its neighbour China exported during the same period at 111.6 MT.
As per the data of WSA, European Union as a bloc imported 37.7 MT of steel last year, which was followed by the US with 36.5 MT, Germany 24.8 MT, South Korea 21.7 MT, Italy 19.9 MT, Turkey 18.6 MT, Vietnam 16.3 MT, Thailand 14.6 MT and France 13.7 MT.
WSA forecasted that India's steel demand is expected to grow by 5.4 per cent to 83.8 MT in 2016 on the back of low oil prices and reform momentum. Regarding outlook it said that economic environment facing steel industry continues to be challenging with China's slowdown impacting globally across a range of indicators contributing to volatility in financial markets, sluggish growth in global trade and low oil and other commodity prices.
Recently the industry body had said that India's prospects are brightening due to low oil prices, the reform momentum and policies to increase infrastructure and manufacturing output. India’s steel demand will increase by 5.4 per cent in both 2016 and 2017 reaching 88.3 MT in 2017.