➢ The majority of the world’s major steel-consuming centres are expected to see below-average economic growth in the near future, which has caused a shift in the global steel trade flows toward rapidly expanding nations like India
➢ After five years, India is expected to become a net importer of finished steel in FY24, with export prospects remaining weak
➢ The industry’s profitability was negatively impacted in H2 FY24 by higher coking coal consumption costs and a 25–30% increase in domestic iron ore prices since August 2023
➢ The domestic sector is forecast to experience a significant growth in capacity; between FY21 and FY23, 15.3 million tonnes per annum (mtpa) will be put into service, and between FY24 and FY27, an additional 38.5 mtpa is anticipated to be put into operation.
➢ After three back-to-back years of double-digit growth, credit rating agency ICRA expects domestic steel consumption growth to moderate to 7-8% in the coming financial year (FY25)