Indian credit rating agency ICRA said in its latest industry report that domestic steel in India was expected to grow by 7-8% in the fiscal year 2022-23, and industry prospects remain optimistic.
Domestic steelmakers have announced a large-scale capacity expansion, which was expected to start in the fiscal year 2025-26, achieving about 34 million tons/year capacity expansion.
Domestic steel demand has reached a healthy growth since December 2021 due to the strong construction activity, but the main adverse factors in the positive outlook were higher than expected Fed interest rates, supply pressures on raw materials due to the conflict between Russia and Ukraine, and China's deterioration on real estate. All of these could cause a significant impact on generating global demand for the next quarter.
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