India to break steel demand record as economy recovers
Steel

India to break steel demand record as economy recovers

India’s steel consumption is ready to break records this year, compared to the performance in 2020 when demand fell as the pandemic impacted the economic activity.

Economic activity in India has recovered as a deadly second wave of infections reduces. The International Monetary Fund (IMF) anticipates India to rise 9.5% this year. That’s in contradiction to last year, when the economy shifted into an unprecedented 7.3% reduction, as a nationwide lockdown brought the country to a halt.

According to Seshagiri Rao, joint managing director of JSW Steel Ltd, steel demand is likely to grow 17% to 110 mt in the year starting April. Steel Consumption in 2020 dropped year-on-year for the first time in at least a decade-and-a-half.

Rao, in an interview, told the media that surging power consumption and mining activity, along with higher tractor and passenger vehicles sales, is increasing demand for the metal.

He said that they observed a good recovery in June and July. Likewise, Construction demand will pick up after the festive season.

On Thursday, shares of Indian steelmakers jumped.

JSW Steel improved 3.3% in Mumbai and was heading for the highest close since May 10. Competitors Steel Authority of India Ltd grew 4.6% and Tata Steel Ltd surged 5.4%.

On Thursday, ArcelorMittal Nippon Steel India Ltd told the media that domestic demand displayed signs of recovery toward the end of the last quarter, particularly from the automotive, white goods and infrastructure sectors.

Rao said that the higher local demand is likely to affect exports, which rose to 17 million tons last year. Shipments will drop slightly below that level this year as steelmakers redirect more supply to satisfy local demand. JSW exports will remain constant at the 4 million tons exported last year.

JSW Steel, which recorded its best quarterly profit in the three months through June, told the media that higher volumes and rising local demand is assisting the company balance the increasing input costs.

Image Source


Also read: Stressed steel plants bought under IBC witness faster returns: CRISIL

Also read: Crude steel output of Tata Steel surges over 43%, sales by 35%

Also read: JSW Steel reports 62% y-o-y jump at 4.93 mt in Q1 FY22

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

India’s steel consumption is ready to break records this year, compared to the performance in 2020 when demand fell as the pandemic impacted the economic activity. Economic activity in India has recovered as a deadly second wave of infections reduces. The International Monetary Fund (IMF) anticipates India to rise 9.5% this year. That’s in contradiction to last year, when the economy shifted into an unprecedented 7.3% reduction, as a nationwide lockdown brought the country to a halt. According to Seshagiri Rao, joint managing director of JSW Steel Ltd, steel demand is likely to grow 17% to 110 mt in the year starting April. Steel Consumption in 2020 dropped year-on-year for the first time in at least a decade-and-a-half. Rao, in an interview, told the media that surging power consumption and mining activity, along with higher tractor and passenger vehicles sales, is increasing demand for the metal. He said that they observed a good recovery in June and July. Likewise, Construction demand will pick up after the festive season. On Thursday, shares of Indian steelmakers jumped. JSW Steel improved 3.3% in Mumbai and was heading for the highest close since May 10. Competitors Steel Authority of India Ltd grew 4.6% and Tata Steel Ltd surged 5.4%. On Thursday, ArcelorMittal Nippon Steel India Ltd told the media that domestic demand displayed signs of recovery toward the end of the last quarter, particularly from the automotive, white goods and infrastructure sectors. Rao said that the higher local demand is likely to affect exports, which rose to 17 million tons last year. Shipments will drop slightly below that level this year as steelmakers redirect more supply to satisfy local demand. JSW exports will remain constant at the 4 million tons exported last year. JSW Steel, which recorded its best quarterly profit in the three months through June, told the media that higher volumes and rising local demand is assisting the company balance the increasing input costs. Image Source Also read: Stressed steel plants bought under IBC witness faster returns: CRISIL Also read: Crude steel output of Tata Steel surges over 43%, sales by 35% Also read: JSW Steel reports 62% y-o-y jump at 4.93 mt in Q1 FY22

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?