India’s steel consumption is expected to grow by 5%-6% this year, on the back of government’s expenditure towards infrastructure and construction. With NDA being voted back to power, the focus will continue to remain on infrastructure development, CARE Ratings said in its latest Outlook for the Steel Sector in FY20. However, finished steel production is likely to decline by 3-4% in FY20, compared to a 5.9% growth in FY19, since no major capacity is expected to come up from large players and small players are slated to maintain output growth rate at previous year’s levels, the report added. The ratings agency also said it had made a downward revision of its earlier estimate of 6-8% steel production growth made in February 2019.
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