Page 2 - Steel Demand

Jindal Stainless posts 50% jump in Q1 profit on robust domestic demand

Domestic sales grew 54% year-on-year owing to the pre-festive season demand, which picked up in consumer segments, the company said in a statement

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

Steel demand to grow on supportive policy reforms: Tata Steel Chairman

The demand for steel in the country is expected to grow owing to infrastructure development, rapid urbanisation, and supportive policy reforms, Tata Steel Chairman N Chandrasekaran said on Wednesday. Speaking at the company's 116th annual general meeting, he said that domestic steel consumption rose 10 per cent year-on-year (y-o-y) to 117 M in FY23. The steel industry was also impacted by the volatility in the global environment, which affected the steel demand-supply balance and resulted in volatility in steel prices. However, India appears to be an exception in the global steel arena, primarily owing to robust government spending and vibrant consumption, he said. "India's steel consumption grew by over 10 per cent y-o-y to 117 MT (Million Tonnes) in FY23. "India will continue to remain a major consumer within the global steel industry owing to infrastructure development, rapid urbanisation, and supportive policy reforms. We expect the steel demand growth to keep pace with the GD

Domestic steel demand will continue to see healthy growth till FY25: CRISIL

The domestic stainless steel demand is expected to grow at a compound annual growth rate (CAGR) of 9 per cent till 2024-25 financial year, according to Crisil Ratings. The domestic demand for stainless steel was at 4 million tonnes (MT) in fiscal 2021-2022, the ratings agency said in a report on Thursday. "Domestic demand for stainless steel is projected to log a healthy compound annual growth rate of 9 per cent in the three fiscals through 2025, double the 4.5 per cent pace of the past five fiscals," the Crisil Ratings report said. The demand will be driven by increasing adoption of stainless steel in railways which is a focus area for government infrastructure spending, and rising application in the automobile and construction sectors. The demand growth, in turn, will spur capacity additions. However, the credit profiles of players are expected to remain comfortable, given stable profit levels and healthier balance sheets. "Adoption of stainless steel is increasing because of i

Icra revises outlook for domestic steel demand to 7-8% for next fiscal

Icra on Wednesday revised its outlook for domestic steel demand to 7-8 per cent for the next fiscal. Earlier, the ratings agency had estimated the demand to grow in the range of 6-7 per cent. "With the central government's capex outlay in FY2024, Icra has revised upwards its steel consumption growth estimate for FY2024 to 7-8 per cent from 6-7 per cent," it said in a report. In 2023-24, the capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. In the ongoing fiscal also, the domestic steel consumption growth has remained strong supported by the government's push for infrastructure-led economic growth. Jayanta Roy, Senior Vice-President & Group Head - Corporate Sector Ratings at ICRA, said, "With steel consumption expected to grow in high-single digits next year, we expect the industry's capacity utilisation rate to improve to around 80 per cent in FY2024, despite the commissioning of some new expansion projects." The consumption of finishe

Rebuilding of Turkey post quake may spur steel demand from India: Industry

Since Turkey's own industry, a major player in world steel trade, has also been disrupted, demand from the western world may surge as well

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

Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April

US steelmakers flag recession concerns, energy costs could impact demand

Benchmark steel prices are down more than 50% this year as surging inflation has crimped appetite for longer-term projects

Govt keen to increase demand for steel by enhancing capital infra: Scindia

Union Minister of Steel and Civil Aviation Jyotiraditya Scindia said that the removal of export duties on steel and stainless steel by the govt will herald a new era for the nation's steel sector

Global steel demand downgraded, to drop 2.3% in 2022: WorldSteel

A global recovery in steel demand next year is still expected, mainly due to a rise in infrastructure spending, but the growth will be 1% instead of 2.2% as forecast earlier this year, the WSA said

Steel demand needs 9% CAGR to meet 160 kg/capita consumption target: Icra

The domestic steel demand needs to grow at a compound annual growth rate (CAGR) of 9 per cent over the next decade to meet 160 kg per capita steel consumption target envisaged in the National Steel Policy (NSP). Launched in 2017, NSP also aims to ramp up the country's crude steel production to 300 million tonne (MT) by 2030-31. Jayanta Roy, Senior Vice-President & Group Head, Corporate Sector Ratings, Icra said, India's current per capita steel demand of 76 kg is not only significantly below the world average of 233 kg per capita, but also remains the lowest among Brazil, Russia, India, China and South Africa (BRICS) nations. To take the country's steel consumption close to NSP target of 160 kg per capita in FY2031, the domestic steel demand would need to grow at a CAGR of 9 per cent in the next decade, the expert said in an Icra report on Wednesday. He further noted, "This is almost double the growth rate achieved in the decade gone by. While achieving this milestone will be ...

Steel prices ease over 10%, coal crisis play havoc on secondary steelmakers

Prices in the long products segment have declined on an average of 10-15 per cent to Rs 57,000 per tonne in Kolkata market from a high of Rs 65,000 a tonne

Domestic stainless steel demand expected to reach 20 MT by FY47: Report

Domestic stainless steel demand is expected to reach 20 million tonne (MT) by fiscal year 2047, according to a report.

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

Steel demand firm, but higher input costs to pare margin in H2: CRISIL

Next fiscal year, steel demand is expected to grow at a moderate pace of 6.5-7.5%, led by further pickup in construction activity

Steel demand drops by 5% in FY21: Union minister informs Parliament

According to the information shared by the minister to the house, the building and construction sector consumed 41 MT steel in 2020-21 as against 43.4 MT in 2019-20.

Domestic steel demand expected to reach 160-MT mark by FY25: Minister

The domestic steel consumption is expected to touch the 160-million tonne mark by the financial year 2024-25, Union Steel Minister Ram Chandra Prasad Singh said on Monday

Robust demand amid lower iron prices to boost steel margins in H2FY22: Icra

While weak demand growth in domestic market saw larger players resorting to exports to cushion the Covid impact of the past 14-16 months, smaller players languished, the rating agency said

Steel producers likely to raise prices in August, albeit marginally

Slight uptick in demand, huge gap between domestic and global prices could drive the decision