Industry Insight - Steel

Housing & Construction sector is the primary consumer of Steel in India followed by Infrastructure Development, Engineering & Packaging, Automotives and Defence. FY2022 was a momentous one for the Indian steel industry, which witnessed rapid growth, underpinned by infrastructural advances by the Government, favourable demand-supply dynamics, improving global trade, along with digital inclusion and rising per capita income. Although curbing inflation is the main objective to impose export duty in the steel sector recently, the Indian steel mills still need to continue their exports to retain their existing international customers as well as to absorb the surplus capacity created, which cannot be met by the domestic market in the short term. “India