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

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
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?