India’s steel demand to outpace regional average: Moody’s
18/08/2016 10:34
Rating agency, Moody’s has said that steel demand in India will outpace the regional average while profitability of domestic steel companies will outperform regional peers on account of increase in domestic demand. Commenting on the issue, a Moody’s Official told the media, “In particular, steel demand in India will outpace the regional average as the country's GDP growth of around 7.5 per cent in 2016 and 2017 based on Moody's forecast, remains among the highest in Asia.” “The profitability of Indian steel companies such as Tata Steel and JSW Steel will outperform that of regional peers owing to rising domestic demand and Indian government's protectionist measures in the form of minimum import prices and anti-dumping duties,” he added. According to Moody’s, Indian and Southeast Asian demand will rise but would not offset the decline in China, which accounts for about 70 per cent of Asian steel consumption.
