India Steel Demand

Apr-May finished steel imports fall 27.6% as China, Japan shipments decline

India was a net importer of finished steel during the period, with exports falling 18.1 per cent year-on-year to 0.8 million metric tonnes

Steel industry's goal should be zero import and net export: PM Modi

Government projects have switched to using only domestically produced steel, Prime Minister Narendra Modi said while virtually addressing the India Steel 2025 conference

PM Modi to inaugurate India Steel 2025 event in Mumbai on April 24

Prime Minister Narendra Modi will inaugurate India Steel 2025 event which starts April 24 in Mumbai, an official statement said on Thursday. As per the Ministry of Steel, the three-day event will see a participation of more than 12,000 business visitors, 250 exhibitors, and 1,200 conference delegates representing various sectors, government departments, state governments, country delegations, and domestic and international buyers from India and abroad. Prime Minister Narendra Modi will inaugurate the flagship event of steel industry on April 24, the ministry said. He will address the gathering through video conferencing in the presence of Minister of Steel and Heavy Industries H D Kumaraswamy, and Minister of State for Steel and Heavy Industries Shri Bhupathi Raju Srinivasa Varma. Maharashtra Chief Minister Devendra Fadnavis and Chief Minister of Chhattisgarh Vishnu Deo Sai will also attend the event. This 6th edition of the biennial international exhibition and conference will br

Nomura bullish on Indian steel industry; maintains 'Buy' on JSW Steel, JSPL

Nomura has set a target price of Rs 1,220 and Rs 1,080 for JSW Steel and JSPL, respectively.

Tata Steel seeks safeguard duties on imports amid US tariff concerns

Tata Steel's managing director TV Narendran on Tuesday pitched for safeguard duties on steel imports to protect the domestic steel industry from the indirect impact of US tariff hikes. He said many countries have initiated similar actions on steel imports, pointing out that the last three days have seen Vietnam imposing an anti-dumping duty on Chinese steel imports, and South Korea has also taken a similar decision. "We are asking for safeguard duties, which can be imposed immediately to help us," Narendran told reporters on the sidelines of the tech industry lobby grouping Nasscom's annual event NTLF here. After assuming office as the US President last month, Donald Trump ordered a 25 per cent import tax on all steel and aluminium entering the US and ended exemptions given to Canada and European steel earlier. Narendran said the Indian Steel Association has already made a submission to the government for safeguard duty, and added that it has pitched for a safeguard duty instead of

Govt likely to extend import restrictions on steelmaking raw material

The reluctance of Indian steel producers to buy from local producers could prompt the government to extend these restrictions beyond June

US tariffs will not impact Indian steel industry much: Steel Secy

The US announcement to impose tariffs on steel imports will not have much impact on the Indian industry as the domestic market is strong and a small quantity is exported to America, Steel Secretary Sandeep Poundrik said on Monday. President Donald Trump said he will announce an additional 25 per cent tariff on all steel and aluminium imports from different countries on Monday. "...the US President has said about putting tariffs on steel. How much steel actually we export to the US? We produced 145 million tonnes of steel last year, of which 95,000 tonnes was exported to the US. So, how does it matter if out of 145 million tonnes, you are not able to export 95,000 tonnes," the official said at an event organised by Bengal Chamber of Commerce and Industry (BCC&I). Addressing the 'Minerals Mining & Metals Conclave', he said India's domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming ...

Brokerages split after JSW Steel Q3 results miss estimates; share down 4%

JSW Steel reported a consolidated net profit attributable to the owners of Rs 717 crore in Q3FY25, reflecting a 70.3 per cent decline Y-o-Y, compared to Rs 2,415 crore in Q3FY24

India steel market hit by unfair imports amid slump in China: Ex-steel secy

Indian steel market is hit by unfair imports and dumping amid a demand slump in China and the government needs to take action in a time-bound manner, former steel secretary Nagendra Nath Sinha has said. "If you take flat steel products, imports are certainly an issue. The slump in the Chinese market has really shaken the (domestic) market," Sinha, who superannuated on July 31, said at the 7th edition of BigMint's Indian Iron Ore and Pellet Summit on Friday. He also warned of the price realisations getting affected due to surging imports impacting the profitability of steel makers. "To the extent the imports currently happening are unfair and there is dumping going on and the Indian government should certainly respond to them in a timeframe," Sinha said. His statement assumes significance as local steel players have been raising the issue of imports for months from select countries including China. Steelmakers have raised concern that India is becoming a net importer of steel agai

April-May steel imports hit five-year high on buoyant domestic demand

Steel demand has been buoyant in India, the world's second-biggest crude steel producer

India's steel demand boom to continue, to grow at 10% over next few years

The domestic steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government's focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday. The official made the remarks addressing a 'CII Conference on Future Ready and Green Manufacturing' conference in the national capital. With the government's focus on infrastructure, the domestic steel demand will grow in double-digits, he said. "The demand has grown by 13-14 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future," Sinha said. As per official data, crude steel production was around 145 million tonnes (MnT) in 2023-24 financial year, up from 127 MnT in the last fiscal. Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.

Domestic finished steel consumption grows 13% to 136 MT in FY24: Govt data

Domestic finished steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, SteelMint India said. The country consumed 120 million tonne (MT) finished steel in the preceding 2022-23 financial year, the research firm said in a report. "Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects," SteelMint said. The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in the previous fiscal. The development assumes significance as under the National Steel Policy, the government is aiming to increase India's annual steel manufacturing capacity to 300 MT and per capita steel consumption to 160 kg by 2030. As per the SteelMint data, the consumption of finished steel rose

Increased capex on infra to spur steel demand, attract investments: Experts

The increased capex on infrastructure in the budget will spur domestic steel demand, attract investments and create job opportunities, industry players and experts said. Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals for sectors like solar and startups. "This focus on infra will result in robust domestic steel demand, attract investments and create job creation. The coming 5 years will see again the unprecedented growth and development and steel will be a key driver in this development," Alok Sahay, Secretary General, Indian Steel Association (ISA) told PTI. Kamdhenu CMD Satish Kumar Agarwal said the budget addressed one of the most important needs of the middle class that is housing. The government's commitment to build 20 million houses for the poor in the next five years and the announcement of a scheme to help deserving sections of the middle class buy or bui

Govt plans state-backed consortium for coking coal imports: Report

Indian steel companies consume around 70 million metric tons of coking coal annually, and imports constitute around 85% of the country's total requirement

Steel sector boom to continue in FY24 but moderate in FY25 : CRISIL

The Indian steel sector has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, Director Research, Crisil Market Intelligence and Analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI. The moderation is likely in the long steel segment in FY'25 ahead of the general election. The only other instance of such a demand surge in the last two decades was between 2006 to 2008, he said. Lodha said the infrastructure sector, a key driver of the steel demand, is expected to maintain its momentum fuelled by ongoing government projects. The infrastructure segment has been driving a lot of momentum in the steel demand and is expected to continue in the coming years.

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

India's steel production grows 11% to 11.7 MT in Nov 2023: Worldsteel

India has registered an increase of 11.4 per cent in its crude steel production at 11.7 million tonne (MT) in November this year, according to World Steel Association (worldsteel). During January-November, the country's production was 12.1 per cent higher year on year (y-o-y) at 128.2 MT, the global body said in its latest report. The global steel production in November was at 145.5 MT, 3.3 per cent up over same month in 2022. The world output rose marginally by 0.5 per cent to 1,715.1 MT in January-November 2023, worldsteel said. China produced 76.1 MT steel in November, up 0.4 per cent over November 2022. It produced 952.1 MT in January-November, higher 1.5 per cent y-o-y. In November, Japan's output fell 0.9 per cent to 7.1 MT, while the overall production was 2.8 per cent lower at 80 MT during January-November 2023. The US produced 6.6 MT steel in last month and 73.9 MT in the eleven-month period of 2023. Russia produced 6.4 MT in November and 70.2 MT in January-November 2023

Steel demand in FY25 likely to be slower as elections loom: Analysts

"We expect finished steel consumption in India to increase by 9 per cent in FY25, following a 12 per cent rise in FY24," Fitch Ratings said

'Made in India' label on steel products to boost brand India: Scindia

The government on Thursday rolled out an initiative under which steel makers will add 'Made in India' labels to their products to promote locally-made goods at the global level. The move is aimed at realising Prime Minister Narendra Modi's 'Make in India' vision, Union Steel Minister Jyotiraditya M Scindia said. In the first phase, all Integrated Steel Players (ISPs) have been included under the initiative to introduce branding and labelling of 'Made-in-India' steel products in the global market, the Ministry of Steel said in a statement. The Secondary Steel Industries (SSIs) will join the initiative in the second phase, it said. Scindia chaired a consultative committee meeting to discuss the progress on the first-of-its kind initiative by the Ministry of Steel and the Ministry of Commerce and Industry to introduce branding and labelling of 'Made-in-India' steel products in the global market. Apart from making Indian steel products more attractive to buyers, this would also ensure

India to see 'healthy growth' in steel demand at 8.6% in 2023: Worldsteel

The demand for steel in India is expected to register a 'healthy growth' of 8.6 per cent against the overall global rise of 1.8 per cent in 2023, worldsteel said on Tuesday. It forecasts that global steel demand will grow 1.8 per cent in 2023 and reach 1,814.5 MT after having contracted by 3.3 per cent in 2022. In 2024, the demand will see an increase of 1.9 per cent to 1,849.1 MT, the World Steel Association (worldsteel) said. For India, the global body said, "after a growth of 9.3 per cent in 2022, steel demand is expected to show healthy growth of 8.6 per cent in 2023 and 7.7 per cent in 2024." The Indian economy remains stable against the pressure of high interest rate environment, and the steel demand is expected to continue its high growth momentum. Growth in India's construction sector is driven by government spending on infrastructure and recovery in private investment. Infrastructure investment will also support the capital goods sector growth, worldsteel said in its Shor