Indian steel demand expected to surge in the medium term

JSW Steel Ltd., India's largest mill, predicts a growth of 8% to 10% in Indian steel demand in the medium term, driven by robust economic growth. The company forecasts a substantial 15% expansion to 135 million tons in the year through March, with expectations of healthy growth throughout the 2020s. Jayant Acharya, Joint Managing Director at JSW Steel, stated that by the end of the decade, India is projected to consume between 200 million to 210 million tons of steel, primarily driven by an expansion in production capacity to meet domestic demand. The country has witnessed increased steel output to support rapid infrastructure expansion, with plans to add 38.5 million tons of new capacity by March 2027. Despite buoyant demand, an eye on Chinese steel exports influenced by their economic situation remains a focus for JSW Steel as it monitors global market dynamics.