With 68 million tonnes of apparent steel use in 2011, India will emerge the third largest steel consumer in the world after China and the US, the World Steel Association (Worldsteel) has said in its short range outlook.
Worldsteel has forecast global steel demand to reach a record 1,340 million tonnes in 2011.
Worldsteel expects India's steel demand to have grown 7.5 per cent during the recent econjomic crisis and by 8.2 per cent and 13.6 per cent in 2010 and 2011, respectively. India's steel use in 2011 will be 32 per cent above its 2007 level, it said.
Global steel use will increase by 13.1 per cent to 1,272 million tonnes in 2010, after contracting by 6.6 per cent in 2009. In 2011, it expects world steel demand to grow 5.3 per cent to a record 1,340 million tonnes, according to Worldsteel.
The 2010 figure represents an improvement of 35 million tonnes over the April short term outlook for 2010 exceeding the pre-crisis peak of 1,222 million tonnes in 2007.
The Worldsteel Economics Committee met in Rio de Janeiro in September 2010 to discuss the October 2010 SRO.