Icra increases domestic steel demand growth rate to 10% for FY25
Steel

Icra increases domestic steel demand growth rate to 10% for FY25

Icra has revised its projection for domestic steel demand growth to 9-10% for the fiscal year 2025, citing robust government spending and strong demand from steel-consuming sectors. The agency noted a growth of 11.3% in domestic steel consumption between February and April 2024. It highlighted healthy government capital expenditure (capex) until February 2024, along with continued demand from sectors like housing and real estate, contributing to the resilient demand for steel. Consequently, Icra has revised its target for FY25 steel demand growth from the earlier estimate of 7-8% to 9-10%, leading to an upward revision in the sector's earnings for the fiscal year 2025. Girishkumar Kadam, Senior Vice-President & Group Head, Corporate Sector Ratings, ICRA, emphasized the steel industry's significant growth over the past three years, marking its fastest expansion since the global financial crisis. Despite this growth, India remained a net importer of finished steel in FY2024, with imports increasing by 38.2%. Kadam expects domestic steel imports to rise further by 13-14% in FY2025, making India a net steel importer for the current fiscal year as well, given the weak global growth outlook anticipated in the coming quarters. (Source: ET)

Icra has revised its projection for domestic steel demand growth to 9-10% for the fiscal year 2025, citing robust government spending and strong demand from steel-consuming sectors. The agency noted a growth of 11.3% in domestic steel consumption between February and April 2024. It highlighted healthy government capital expenditure (capex) until February 2024, along with continued demand from sectors like housing and real estate, contributing to the resilient demand for steel. Consequently, Icra has revised its target for FY25 steel demand growth from the earlier estimate of 7-8% to 9-10%, leading to an upward revision in the sector's earnings for the fiscal year 2025. Girishkumar Kadam, Senior Vice-President & Group Head, Corporate Sector Ratings, ICRA, emphasized the steel industry's significant growth over the past three years, marking its fastest expansion since the global financial crisis. Despite this growth, India remained a net importer of finished steel in FY2024, with imports increasing by 38.2%. Kadam expects domestic steel imports to rise further by 13-14% in FY2025, making India a net steel importer for the current fiscal year as well, given the weak global growth outlook anticipated in the coming quarters. (Source: ET)

Next Story
Infrastructure Urban

EHRDC, Keolis MHI Enhance National Workforce Training in Transport

The Emirates Human Resources Development Council (EHRDC) has extended its partnership with Keolis MHI, the operator and maintainer of Dubai Metro and Dubai Tram, to provide high-quality training sessions for university students and Higher Colleges of Technology (HCT) students in Dubai. This initiative seeks to equip students with practical skills and empower them to enter the job market with confidence and competence. The collaboration aligns with EHRDC’s unwavering commitment to empowering and qualifying Emirati talent while boosting their role in driving the country’s digital economy. I..

Next Story
Technology

Lubrizol Amplifies India Commitment with Local Technology

To accelerate India-based innovation, Lubrizol announced it will open a state-of-the-art Technology and Innovation Center in Maharashtra. The first of its kind for the company globally, the facility is designed to progress breakthrough innovations, expand collaboration, and enhance speed to market for Lubrizol and the many customers and industries it serves both in the region and globally. The center will empower collaboration across Lubrizol, co-locating lab capabilities and expanding on the success of existing in-region technology Centers of Excellence (COE). The site will also include a Cu..

Next Story
Infrastructure Urban

Parliament Raises Concerns Over Mangrove Restoration Efforts

Mangrove forests in India are found along the coastline of 9 States and 4 Union Territories. Forest Survey of India (FSI), an organization mandated with forest survey under Ministry of Environment Forest and Climate Change (MoEFCC) publishes “India State of Forest Report” (ISFR) biennially. As per recent ISFR 2023, India has a total Mangrove cover of 4,991.68 sq km; which is 0.15 per cent of the country’s total geographical areas. There has been net increase of 363.68 Sq km (7.86 per cent) in Mangrove cover area of the country in 2023 as compared to 2013 and net increase of 509.68 Sq.km..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?