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As economies develop, steel is needed to build infrastructure at large, as well as for products for newly affluent consumers.  
Steel  is used for structural and pilings for buildings, rebar for foundations, rail for railroads, plate for rail cars, and plate and flat roll for heavy equipment. Bars are used for forgings as well as for precision machined parts.
In the graph above you can see that the Japanese followed the same curve as the United States as it developed its economy.
India is just starting on this path.
China is well into its growth phase and following the curve  that the US and Japan followed. At higher rates.
This is why we don’t expect to see ‘cheap steel’ anytime soon.

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