Also, there have been no structural changes to suggest that steel prices will come down from current levels.
SEATTLE (Scrap Monster): ArcelorMittal Nippon Steel India (AMNS India) joint venture steel shared robust steel industry outlook.
According to Dilip Oommen, CEO, AMNS India, the steel demand is expected to revive. It stood higher in June this year, compared with May. The auto sales in the country witnessed 147% year-on-year growth in June, suggesting strong recovery in auto sector, which in turn should augur well for the steel sector.
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The decarbonisation drive in China is likely to impact steel production in that country. Incidentally, the Chinese steel production is projected to remain flat in 2021. The increased production during the initial half of the current year will be balanced by reduced output in H2. Also, there have been no structural changes to suggest that steel prices will come down from current levels.
AMNS India said that it is keen on improving its footprint in India. The steelmaking capacity in the state of Gujarat will be ramped up from 8 million tonnes per annum (Mtpa) to 18 Mtpa in phases. Along with expansion of upstream facilities, the company plans to undertake projects to expand downstream facilities. Incidentally, it has signed an agreement with the government of Odisha for setting up 12 Mtpa steelmaking facility, Oommen noted.
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