In India, because of the huge investments materialising in industry and infrastructure projects, the demand for steel has grown much faster than anticipated.
Sentiment: POSITIVE
I strongly believe that for the steel prices to be market-driven, without distortions, we need to substantially increase the production capacity.
India is the most competitive manufacturing destination on this planet. If we are able to take advantage of that competitiveness for our domestic markets, this country would be humming with activity; industrial production will grow at 10-11% per year.
If India has to achieve exponential growth, it would have to be on the back of strong growth in the manufacturing sector.
Industrialization of the building trade is a question of material. Hence the demand for a new building material is the first prerequisite.
Steel is needed everywhere.
As reforms have come into India, as India has started opening up, prosperity is increasing, as is demand for urban housing.
India is still considered a preferred destination for many multinationals to manufacture cost-competitive high-technology products for domestic consumption as well as for global demand.
India's growth drivers are actually two growth drivers. One is consumption, which arises out of our demographic advantage. And the other is the investments. Because we need a lot of investment in the country.
Infrastructure projects create a lot of demand for material, services and manpower. It is a chain reaction; if the infrastructure growth slows down, it will hit overall demand. The supply side has to keep increasing to sustain growth.
At a time when nobody thought we'd ever see a new steel mill built in America, we took a chance and built one in a corn field in Indiana. Today Steel Dynamics is one of the largest steel producers in the United States.
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