ICRA predicts 9-10% growth in India's domestic steel consumption by FY2025, driven by increased capacity and competitive imports.

ICRA forecasts a 9-10% growth in India's domestic steel consumption for FY2025, following a 15% increase in Q1. This growth is bolstered by competitively priced imports and an unprecedented capacity addition of 15.6 million tonnes per annum, with expected capacity utilization reaching 88%. The steel sector, which saw a 13.6% rise in consumption in FY'24, is benefiting from shifting trade flows due to weaker demand in regions like China.

September 12, 2024
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