Economic survey predicts steel, cement recovery on govt capex boost
economic survey projects a recovery for cement, iron and steel on the back of government expenditure picking up in the remaining fiscal. Balancing the optimism, the survey however said these gains could be tempered by excess global capacity in steel leading to aggressive trade policy.
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According to the survey, while many manufacturing sub-sectors experienced growth, others faced challenges, likely due to global and seasonal factors.
Those facing challenges were oil companies – suffering from inventory losses and lower refining margins — while steel companies faced price pressures and lower global prices. The cement sector also faced weak demand in the second quarter of this fiscal due to heavy rains and lower selling prices.
“With the monsoons behind us, and an expected pick-up in government capital expenditure, sectors such as cement, iron, and steel are expected to see a recovery,” the survey predicted.
But these gains could be tempered by global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, it added.
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