Tata Steel Expects Strong Growth in Indian Steel Demand in 2021
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Tata Steel Expects Strong Growth in Indian Steel Demand in 2021

Financial Express reported that Tata Steel CEO and managing director Mr TV Narendran said that the steel demand in India should grow at least at the rate

Financial Express reported that Tata Steel CEO and managing director Mr TV Narendran said that the steel demand in India should grow at least at the rate of GDP growth or higher in 2021-22. He expressed optimism about the demand for steel in India in 2021, backed by inflow of funds from across sectors and an uptick in the overall consumption. He said “Government’s efforts to improve infrastructure coupled with the Atmanirbhar Bharat’ policy and the Production Linked Incentive initiative. Additionally, the government’s focus on rural infrastructure projects will also give an impetus to the steel demand. We are optimistic about the overall demand for steel and hence the performance of the steel industry and Tata Steel.”

He added “Globally, steel prices were likely to stay firm as China was not expected to export large volumes owing to a better balance in their domestic market, and there were no other very significant exporters in the world market.”

On raw material prices, Mr Narendran said it would be a mixed bag. He said “Iron ore has seen a sharp rise in prices primarily because China has recovered quite well. Coal prices have softened because of the geopolitical issues between China and Australia. Consequently, more coal is available from Australia in the world market and India being a big importer of coal is witnessing softening of prices.”

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