India's steel demand expected to move back to higher growth track

India's steel demand is expected to move back to a higher growth track as the country recovers from "twin shocks of demonetisation and GST implementation", global industry body World Steel Association (worldsteel). In October 2018, worldsteel said it projects global steel demand at 1,657.9 million tonne (MT) in 2018, an increase of 3.9 per cent over 2017. The demand for steel in the developed world remains healthy, while in the developing countries steel demand will continue to recover amid challenges. "As India recovers from the twin shocks of demonetisation and GST implementation, India's steel demand is expected to move back to a higher growth track. The demand will be supported by improving investment and infrastructure programmes. Stressed government finances and corporate debt weighs on the outlook," the body said. The demand will be supported by improving investment and infrastructure programmes, world steel said adding the stressed government finances and corporate debt weighs on the outlook.