India's 2022 steel consumption seen strong amid muted prices, infra push

Offtake is expected to jump to 111 million tonnes in CY2022 after a severely impacted year CY2020 which saw consumption falling to 89.3 million tonnes, said Care Ratings in a recent report

The government’s thrust on infrastructure, coupled with an increase in demand from the construction, engineering, and other sectors, is expected to push up domestic steel consumption in 2022, according to brokerages and rating agencies.

The country’s consumption is expected to jump to 111 million tonnes (mt) in calendar year 2022 (CY22) after a severely impacted CY20, which saw steel consumption falling to 89.3 mt, CARE Ratings said in a recent report.

India’s steel consumption numbers for CY21 could be around 104 mt, which would mean a 17 per cent increase from last year. Between April-November 2021, the consumption was 66