ICRA predicts domestic demand growth rate of 9% for non-ferrous metals

10 Oct 2023 CW Team

ICRA predicts a robust domestic demand growth rate of 9% for non-ferrous metals over the next two financial years, surpassing the anticipated global demand growth rate. Despite this positive outlook, the industry's profit margins are expected to face challenges due to a weak global environment, as reported by the ratings agency.

Aluminium, copper, and zinc are among the non-ferrous metals in focus. According to Jayanta Roy, Senior Vice-President and Group Head of Corporate Sector Ratings at ICRA, the global consumption of non-ferrous metals slowed down this year due to subdued demand in developed nations. Although there has been a partial recovery in demand from China compared to the previous year, uncertainties persist regarding the strength of China's recovery.

Roy highlighted an increase in supply, especially from China, leading to a surplus metal balance for the current year. Consequently, metal prices are not expected to see significant improvement in the near term. He emphasised that the industry's profit margins will continue to be under pressure in the face of this challenging global environment. ICRA maintains its estimate of operating profitability for domestic players at 17% in FY2024 and FY2025, representing a contraction of almost 150 basis points compared to the FY2023 level.

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