The World Steel Association claims it is likely the Indian economy will recover from the recession faster than its global peers.
According to a report by the All Indian Industrial Gas Manufacturers Association (AIIGMA), The World Steel Association believes 2009 will see a 2% growth in India’s steel consumption.
If this is the case, it will be the only major economy to post an increase in a year that is expected to see global consumption of the metal fall by around 15%.
It is anticipated that India, which accounts for around 5% of global steel consumption, will use 53.5m tons of the metal this year; the global consumption of steel in 2009 is expected to be around 1019m tons.
Steel is one of the major applications for industrial gas consumption, therefore growth in India’s consumption of the metal will mean a positive step towards recovery for the industry.