India’s finished steel products output is likely to increase to 88.6 million tonnes (MT) in the current year. The country’s finished steel output is also likely to increase to 94.9 MT in 2018. According to World Steel Association which released its Short Range Outlook (SRO) for 2017 and 2018, the country produced 83.5 MT of finished steel products last year.
The production of steel is expected to grow due to growing economy and increasing urbanization. Finished steel products are those which are obtained upon hot rolling/forging of semi-finished steel -- blooms, billets, slabs. These cover two broad categories, namely long products and flat products.
As per World Steel Association, steel demand in the emerging and developing economies, including China, which accounts for 30% of world total, is expected to grow by 4% in 2017 and 4.9% in 2018.