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Steel Demand Growth in India Seen Resilient Against Inflation

  • Consumption seen growing 7.5% in the current fiscal year
  • Prices have eased from a peak in April due to export tax
Workers labor on reinforcing steel at a flyover construction site in Patna, Bihar, India.

Workers labor on reinforcing steel at a flyover construction site in Patna, Bihar, India.

Photographer: Anindito Mukherjee/Bloomberg

Indian steel demand looks set for another strong year as government plans to upgrade the country’s creaky infrastructure and an easing of prices boost the outlook for consumption.

Domestic steel prices have surged almost 75% over the past two years as the economy rebounded from the depths of the pandemic. That’s increasing the allure of even rusted metal in the country, which is the world’s biggest steel-maker after China.