Globally, Alike many commodities Steel is also suffering from Price slump and China’s mindless dumping. This is a hard time for all commodities industries as Crude Oil hit at its 11 years lowest price on Monday. At this time, the steel industry can not hold any great expectations, but experts of the market perceive that a possible bright patch could be in India.
Global industries have some hope on India. But now the question arises what things make them think so? So, we can answer this as India is the fourth largest steel producer in the world, is gearing up to the United States to hold the third position. That inclines the steel player into India to match up with the demand in the backdrop of a huge economy globally.
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According to Data reveals India consumes less than tenth of steel consumed by China, who is the largest consumer of the Commodity. But the ray of hope can be seen in the fact that the consumption growth is set to rise it is forecasted that it will have 8 percent growth in 2016.
Still, it is doubtful whether India could contribute to the Global rescue mission immediately or not. As like other markets Indian is also facing a threat from surplus stock dumped by China. India’s steel imports gushed 72 percent in the financial year till March 2015.
According to above points, it is expected that India can show some positive response in the recovering mission. And succeed in to hold the third position in the top most steel producers in India.
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