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October 10, 2007 17:43 IST
Will steel be listed in precious metals? According to a recent study conducted by the International Iron and Steel Institute, the global demand for the alloy is surging and is expected to increase by 6.8 per cent in the end of this year.
The report said that this year was significant for the steel industry because the steel use increased from 1,120.9 million metric tonne in 2006 to 1,197.6 million metric tonne in 2007, an increase of 6.8 per cent.
In 2006, Brazil, Russia, India and China accounted for about 41 per cent of global steel demand; the commodity demand was up to 12.8 per cent in 2007 and is expected to go up 11.1 per cent by 2008, IISI said in the report.
In value terms, BRIC countries are expected to account for 5,16,000 tonnes in 2007 and 5,73,000 tonnes by 2008, while the rest of the world is predicted to account for 7,99,000 tonnes this year and 8,34,000 tonnes in 2008.
The report predicted that the world growth would be 77 per cent in 2007 and in 2008, 71 per cent growth would take place in BRIC countries alone.
IISI estimates that India's apparent steel use points to an increase of 13.7 per cent in 2007 and 11.8 per cent in 2008 in the demand for steel. Besides, China's apparent steel use is expected to grow by 11.4 per cent in 2007 and 11.5 per cent in 2008.
IISI also predicts very positive developments in Russian market, where growth of 25 per cent for 2007 and 9.5 per cent for 2008 are led by the energy and construction sectors.
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