Building boom is setting up India as global steel saviorBloombergWith China’s massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a savior for flagging global steel demand. Poised to overtake China as the world’s most populous nation next year, India is in the midst of a building boom. Hazra, deputy secretary-general at the Indian Steel Association, which has requested authorities look into the matter. Despite the strong growth, India is still well behind China in terms of total steel consumption. Demand for next year would be less than one-seventh of China’s 914 million tonnes, World Steel Association data showed.
