Asia: Steel 2020 Outlook report
The Asia Steel 2020 Outlook report was released by the US based Moody’s Investors Service. It has highlighted the effect of a slowing manufacturing and automobile sector on the steel industry. It has predicted that the steel demand in India is to see a slowdown. However, the demand for steel in Asia is to be highest in India. The production side is to be supported by this relatively high domestic demand. It reported that India will remain the second largest steel producer in the world. The top producer is China. India overtook Japan to the second spot in 2018. The report also highlighted limited effect of US tariffs on the producers’ sales.
The Chinese steel industry slowdown is due to a slowing of its construction and property sector while the Korean slowdown is because of its slowing automobile and construction sectors. Japan’s demand drop for steel is because of its sluggish manufacturing sector.