Page 2 - India Steel Demand

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

Centre monitoring steel import situation as China shipments touch 5-yr high

India is monitoring the import situation on steel after shipments from China touched a five-year high in the first four months

India's steel output grows 8.37% to 33.63 MT in Apr-Jun: SteelMint

India's crude steel production increased by 8.37 per cent in April-June period to 33.63 MT and the momentum is likely to continue in the current quarter as well, according to SteelMint. Higher production and capacity ramp-up activities by steel mills will meet the increasing demand, the research firm said in a note. India had produced 31.03 million tonnes (MT) of steel in the April-June quarter of the preceding 2022-23 financial year, SteelMint data showed. Finished steel production in India rose 11.66 per cent in the quarter under review to 32.41 MT, from 29.03 MT in the same quarter a year ago. The domestic steel consumption rose 10.16 per cent to 30.29 MT from 27.50 MT a year ago. The imports of steel surged to 1.40 MT in April-June 2023, posting a 19.54 per cent rise over 1.17 MT in the year-ago period. "Price disparity in landed cost of imports and prevailing domestic hot-rolled coil (HRC) prices boosted imports," a SteelMint analyst said. Exports shrinked 6.39 per cent to

Domestic steel demand to grow 7.5% in FY24: Indian Steel Association

The ISA said that with strong momentum in infra spending and sustained growth in urban consumption, steel demand in India would expand by 8-9 mt every year in the next two financial years

India steel imports from Russia rise to eight-year high in April-Jan: Data

India's imports of Russian steel rose to an eight-year high during the first 10 months of the financial year that began in April 2022, government data compiled by Reuters showed

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out

India's crude steel output rise by 2.5% at 30 MT in Jul-Sep: Report

India's crude steel output rose by 2.56 per cent to 30.06 million tonne (MT) during the July-September period of the ongoing financial year. As per research firm SteelMint, the top six steel makers -- SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL -- produced 18.29 MT steel, the rest 11.77 MT came in from the secondary sector. The country had produced 29.31 MT of steel during the same quarter in the preceding 2021-22 financial year, according the data shared by SteelMint. During the said quarter last fiscal, large producers had jointly manufactured 18.39 MT steel, while the secondary industry produced 10.92 MT, it said. During the quarter ended September 30, 2022, steel exports fell to 1.41 MT from 4.20 MT in the year ago period, registering a year-on-year (y-o-y) fall of 66.43 per cent. The domestic consumption was 11.33 per cent higher at 27.52 MT, as against 24.72 MT in July-September 2021. On the outlook for the sector during the running October-December quarter, Stee

Export levy impact: Tata Steel deliveries drop 2% YoY despite higher output

Tata Steel said domestic despatches were up 5% YoY, leveraging a strong marketing network and an agile business model

Improved economic activity to support demand for steel, cement: Fitch

Fitch Ratings forecast strong medium-term growth to support the demand for India's steel, cement and chemicals sectors, with improved economic activity boosting power and petroleum product sales

Steel, fuel rates to hit domestic steel demand in coming qtrs: SteelMint

The domestic steel demand is expected to take a hit in the coming quarters due to "very high steel prices" and continuously rising fuel prices, according to industry consultancy SteelMint India.

Steel consumption to rise due to govt programmes, schemes: Steel Minister

Union Steel Minister Ram Chandra Prasad Singh lauded the government and the people of Odisha for making big strides in development

Domestic steel demand expected to contract by 9-11% in FY21: CRISIL

The Nationwide lockdown in April-May impacted manufacturing, hurting consumption of the alloy

India's steel demand expected to contract in FY21: Fitch Ratings

India's steel demand is expected to contract in FY21, Fitch Ratings said on Friday

Steel demand to contract 7.7% in 2020 over coronavirus crisis: ISA

This is in sharp contrast to the earlier projection of 5.1 per cent growth made just a couple of months back, in February.

Foreseeing strong demand for steel post-coronavirus: SAIL chairman

Our decision to rely on railways, and not roadways, to transport both raw material as well as finished products is bearing fruit, says Anil Kumar Chaudhary

ArcelorMittal, Nippon Steel bullish on India despite economic slowdown

The joint venture - 60 per cent held by ArcelorMittal and the balance by Nippon Steel - was renamed AM/NS India

Growing steel demand in India to increase carbon emissions by 600 MT: TERI

The report on Low Carbon Steel has been prepared by the Energy Transitions Commission (ETC) India, a research platform based in TERI in New Delhi