Icra increases domestic steel demand growth rate to 10% for FY25

05 Jun 2024 CW Team

Icra has revised its projection for domestic steel demand growth to 9-10% for the fiscal year 2025, citing robust government spending and strong demand from steel-consuming sectors. The agency noted a growth of 11.3% in domestic steel consumption between February and April 2024. It highlighted healthy government capital expenditure (capex) until February 2024, along with continued demand from sectors like housing and real estate, contributing to the resilient demand for steel. Consequently, Icra has revised its target for FY25 steel demand growth from the earlier estimate of 7-8% to 9-10%, leading to an upward revision in the sector's earnings for the fiscal year 2025. Girishkumar Kadam, Senior Vice-President & Group Head, Corporate Sector Ratings, ICRA, emphasized the steel industry's significant growth over the past three years, marking its fastest expansion since the global financial crisis. Despite this growth, India remained a net importer of finished steel in FY2024, with imports increasing by 38.2%. Kadam expects domestic steel imports to rise further by 13-14% in FY2025, making India a net steel importer for the current fiscal year as well, given the weak global growth outlook anticipated in the coming quarters. (Source: ET)

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