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

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

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)

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)

Next Story
Infrastructure Urban

CMPDI installs bio-toilets to boost sanitation and hygiene

The Central Mine Planning and Design Institute (CMPDI), a subsidiary of Coal India Limited under the administrative control of the Ministry of Coal, has installed six modern bio-toilets equipped with bio-digesters and water tanks across various locations in Ranchi. The initiative was carried out under the ongoing Special Campaign 5.0, underscoring CMPDI’s commitment to cleanliness and sustainable sanitation. This effort forms part of a nationwide drive to enhance hygiene standards and improve efficiency in public offices. It aligns with the Government of India’s Swachh Bharat Mission and ..

Next Story
Infrastructure Urban

PM Modi unveils Rs 12.19 billion projects in Kevadia

Prime Minister Shri Narendra Modi inaugurated and laid the foundation stones for development projects worth Rs 12.19 billion in Kevadia on the eve of Sardar Vallabhbhai Patel’s 150th birth anniversary. The projects include the Birsa Munda Bhavan—an iconic centre dedicated to Bhagwan Birsa Munda—a residential complex for GSEC and SSNNL employees, the first phase of the hospitality district, and a Bonsai Garden. During the visit, the Prime Minister also flagged off a fleet of electric buses in Kevadia, an initiative aimed at providing comfortable and sustainable transport facilities for v..

Next Story
Infrastructure Transport

New metro link to connect Delhi airport’s T1 and T3

A new metro station will be part of the upcoming Golden Line to provide direct connectivity between Delhi airport’s Terminal 1 (T1) and Terminal 3 (T3), a senior official confirmed. Among the three terminals at the Indira Gandhi International Airport, Terminals 2 and 3 are located close to each other, while Terminal 1 lies a few kilometres away. In an interview with PTI, Delhi International Airport Ltd (DIAL) CEO Videh Kumar Jaipuriar said that the new integrated station is being planned to link Aerocity with Terminal 1. “The Golden Line was earlier planned to terminate at Aerocity. We h..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?