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Steel News May 18, 2022 12:50:28 PM

Moody’s: Indian Steel Demand to Surge 10% Through 2022

Paul Ploumis
ScrapMonster Author
The elevated steel prices and robust regional demand will continue to motivate steel makers to earmark a part of their total production to exports.
Moody’s: Indian Steel Demand to Surge 10% Through 2022

SEATTLE (Scrap Monster): Moody’s Investor Service expects steel demand in India to witness a growth of around 10% through 2022, mainly driven by government’s increased impetus on construction of infrastructure facilities, including roads, railways, ports and airports.

According to the report, the steel exports from the country are likely to remain strong in the forthcoming months. The elevated steel prices and robust regional demand will continue to motivate steel makers to earmark a part of their total production to exports.

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The crisis situation on account of Russia-Ukraine war has led to higher raw material costs. The prices of steelmaking raw materials, including iron ore and coking coal, have registered notable surge during the recent months. The prices are expected to stay at higher levels, as the conflict situation is likely to further tighten supplies.

Moody’s says that steelmakers with higher self-sufficiency in raw materials are better positioned in comparison with others. For instance, Tata Steel and JSW Steel have either complete or high-level of self-sufficiency in iron ore for their Indian steelmaking operations. Consequently, these two companies are better shielded from risks of raw material sourcing.

The surge in raw material costs will offset the benefit of elevated steel prices, thereby resulting in lower margins and earnings for steelmakers, Moody’s noted.

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