Rohit Sadaka, Director and Head of Materials and Diversified Industrials at Ind-Ra, stated that domestic players were expected to witness stable credit metrics. He attributed this to higher profitability and improved operating cash flows resulting from debt-led capex. The agency also expressed its anticipation of steady global steel demand, albeit with some moderation in China's demand due to its transition to low-carbon initiatives. Additionally, they noted moderate demand from the European Union (EU) but highlighted support from growth in emerging economies such as India.