A report by BMI has said that steel production in India, the world's third largest producer, is expected to grow annually at an average of 7.3 per cent during 2016 to 2020, and touch 127.1 million tonnes (MT).
The growth will be driven by state-run giant SAIL and Tata Steel, the firm part of the Fitch Group said.
Commenting on the issue, a BMI Official told the media, "India will be the global steel production growth bright spot as demand from construction, auto and infrastructure industries continue to accelerate."
“Besides, government has been spearheading the push towards the boost in steel production capacity, with upgrades being made to existing steel mills and state-owned companies stepping in to build new steel plants,” he added.
The report further added that the global steel market will see a surplus of 5.2 MT in 2016, a decrease from a 2015 surplus of 13.8 MT. From 2018 on-wards, the global market will tighten, with the surplus decreasing to 1 MT in 2017, shifting into deficit thereafter.
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