India’s steel demand is set to grow 7.5% in 2023-24, according to the Indian Steel Association (ISA). Steel consumption for the fiscal year is expected to reach 128.9 million tonnes, up from 119.9 million the previous year. This is attributed to a surge in domestic construction, railways and capital goods sectors.
The surge in demand can be attributed to India’s robust economic growth. Industries such as automotive and consumer durables have seen an uptick in demand, further driving steel consumption. According to a Reuters poll, economic growth is forecast to average 6.0% in the current fiscal year and 6.4% in 2024-25.
JSW Steel Ltd is India’s largest steelmaker by capacity. Last week, the company’s top executive estimated that steel demand in India would grow by 7%-8% this year. India is the world’s second biggest crude steel producer, and output reached its record high of 125.3 million tonnes in 2022-23. Despite this, India’s steel exports dropped to a five-year low last financial year.
The Indian Steel Association (ISA) is a leading industry body, established in 2014 and based in New Delhi. It provides services such as policy advisory, data tracking and analysis, and market research regarding prices, trends and demand. ISA also works to promote the development of the Indian steel industry, while advocating for the best interests of its members.
Mayank Bhardwaj is an editor who works with Reuters and was involved in the article about India’s steel demand. He has extensive experience in financial news, having worked in the past with Bloomberg News. His primary areas of expertise include corporate finance, banking and economic forecasting. He works collaboratively with reporters, focusing on translating market stories into engaging reportage.
