According to India Ratings and Research, the demand for steel is anticipated to increase by 9-12% during the current fiscal year, 2024-25 (Ind-Ra). The rating agency stated in a study that consistent development in end-user industries, including the automotive and infrastructure sectors, will underpin the demand. According to the agency, the rise in steel demand for FY25 is expected to be between 9 and 12 percent annually. "On a moderate recovery in global demand, raw material and finished goods prices are expected to be range-bound."

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.