ISA Projects 7.5% Growth in Domestic Steel Demand for FY24

26 May 2023 , 12:35 PM

Indian Steel Association (ISA) forecasts domestic steel demand to grow 7.5% in FY24, reaching 128.85 million tonnes (MT).

1. Total steel demand in India for FY23 stood at 119.86 MT, according to ISA.
2. Strong momentum in infrastructure spending and sustained growth in urban consumption drive the projected steel demand.
3. ISA expects steel demand in India to expand by 8-9 million tons annually over the next two financial years.
4. The positive economic outlook for India amid global economic challenges.
5. Steel-consuming subsectors are forecasted to grow 6% or higher in FY24 and FY25.
6. Construction, railways, and capital goods sectors benefit from increased investments.
7. The Automotive and consumer durables sectors are expected to maintain healthy growth.
8. The intermediate goods sector presents a mixed outlook due to sluggish global demand, but growth remains steady.
9. The Indian steel industry plays a vital role in India’s economic development and growth trajectory.

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