By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Latest World News UpdateLatest World News UpdateLatest World News Update
Notification Show More
Font ResizerAa
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Live Streaming
  • Legal Talk
Reading: Higher infra spending, economic growth make India lucrative market for domestic and global steel makers – World News Network
Share
Latest World News UpdateLatest World News Update
Font ResizerAa
Search
  • Home
  • Business
  • National
  • Entertainment
  • Sports
  • Health
  • Science
  • Tech
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Videos
  • Press Release
    • Press Release
    • Press Release Distribution Packages
  • Live Streaming
  • Legal Talk
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Latest World News Update > Blog > Business > Higher infra spending, economic growth make India lucrative market for domestic and global steel makers – World News Network
Business

Higher infra spending, economic growth make India lucrative market for domestic and global steel makers – World News Network

worldnewsnetwork
Last updated: June 22, 2024 12:00 am
worldnewsnetwork
Share
4 Min Read
SHARE

By Prabhakar Chaturvedi
New Delhi [India], June 22 (ANI): Despite a slowdown in exports and increasing Chinese steel output impacting India’s share in the markets, steel makers in the country are optimistic about the domestic demand.
India’s export of steel in May 2024 was 0.5 Million Tonnes (MT), lowest in the last six months. It was 0.66 MT in April 2024.
Indian exports have been affected by a variety of reasons in the recent past including low production due to scheduled maintenance shutdowns, preference for the domestic market over exports, limited export quotas from the EU, the slowdown in global steel demand and competitive prices from China.
The country’s finished steel consumption jumped 10.5 per cent to 23 MT in April-May 2024, a six-year high, reflecting very strong sentiments with steel makers optimistic about India’s domestic demand.
Due to the extension of EU Safeguard Measure on steel, particularly European hot-rolled coil (HRC), by a further two years to June 30, 2026 and the availability of higher quantities of steel from China for exports, the Indian exports are expected to be under pressure in the coming months as well. However, the strong domestic consumption is likely to offset the losses in the export market, said Anil Kumar Chaudhary, Chair, Minerals and Metals Committee, PHD Chamber of Commerce and Industry.
“Higher infrastructure spending and accelerated economic growth have made India a very lucrative market for domestic and global steel makers,” he added.
According to research firm SteelMint, domestic finished steel consumption has witnessed a growth of 13 per cent to 136 million tonnes during 2023-24. The major demand for steel consists of the automotive and infrastructure sectors. The total consumption of steel was around 120 million tonnes in the preceding financial year 2022-23.
The government is also optimistic about the growing steel demand in the country. Steel Secretary Nagendra Nath Sinha had last month that demand will grow at about 10 per cent.
Sanjay Gupta, Chairman and Managing Director, APL Apollo Tubes Limited, said the domestic demand for steel in India is significant and growing, driven by robust construction, infrastructure projects, and the automotive sector.
“With the Indian government’s focus on infrastructure development and the ‘Make in India’ initiative, there is potential for increased domestic steel consumption. The industry can capitalize on these opportunities by investing in capacity expansion, adopting advanced technologies, and enhancing operational efficiencies,” he added.
As per the steel market watchers, the companies are getting margins of up to 15 per cent which signifies the potential of the domestic market.
Gupta says that the steel prices have been under pressure due to a slowdown in global demand but some companies have managed to maintain satisfactory margins through cost-cutting measures and efficiency improvements.
According to a CRISIL report, India became a net importer of steel in fiscal 2024, with an overall steel trade deficit of 1.1 million tonnes (MT).
The government’s thrust on expansion of infrastructure in urban and rural areas and schemes such as PM Gati Shakti and Make in India have contributed to increased demand for steel. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

sponsored by

WORLD MEDIA NETWORK


PRESS RELEASE DISTRIBUTION

Press releases distribution in 166 countries

EUROPE UK, INDIA, MIDDLE EAST, AFRICA, FRANCE, NETHERLANDS, BELGIUM, ITALY, SPAIN, GERMANY, AUSTRIA, SWITZERLAND, SOUTHEAST ASIA, JAPAN, SOUTH KOREA, GREATER CHINA, VIETNAM, THAILAND, INDONESIA, MALAYSIA, SOUTH AMERICA, RUSSIA, CIS COUNTRIES, AUSTRALIA, NEW ZEALAND AND MORE

Press releases in all languages

ENGLISH, GERMAN, DUTCH, FRENCH, PORTUGUESE, ARABIC, JAPANESE, and KOREAN CHINESE, VIETNAMESE, INDONESIAN, THAI, MALAY, RUSSIAN. ITALIAN, SPANISH AND AFRICAN LANGUAGES

Press releases in Indian Languages

HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages

Email - support@worldmedianetwork.uk
Website - worldmedianetwork.uk

India Packages

Read More

Europe Packages

Read More

Asia Packages

Read More

Middle East & Africa Packages

Read More

South America Packages

Read More

USA & Canada Packages

Read More

Oceania Packages

Read More

Cis Countries Packages

Read More

World Packages

Read More
sponsored by

You Might Also Like

Visakh Refinery’s processing capacity increases to 15 million tonnes – World News Network

Indian auto industry may face disruption amid China’s stricter Rare Earth export controls: Report – World News Network

Taiwan’s exports surged to record high for 19th straight month in May on strong global demand and tariff rush – World News Network

Taiwan’s exports surged to record high for 19th straight month in May on strong global demand and tariff rush – World News Network

Piyush Goyal meets Indian Business Delegates in Switzerland, explores new trade and investment opportunities b/w both nations – World News Network

Share This Article
Facebook Twitter Copy Link Print
Share
Previous Article “Kejriwal was arrested without any evidence, document against him,” says Sanjay Raut – World News Network
Next Article Taylor Swift drops selfie with Prince William, his kids after Eras Tour Wembley show – World News Network
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

- Advertisement -

Latest News

“Stepping stone for Gaganyaan”: Retd Air Commodore Ravish Malhotra on Axiom-4 mission – World News Network
National June 10, 2025
Gujarat: 23 year old fashion model dies by suicide in Surat – World News Network
National June 10, 2025
Delhi police deports 154 Bangladeshi migrants – World News Network
National June 10, 2025
‘How to Train Your Dragon’ actor Nico Parker reacts to trolls about her casting – World News Network
Entertainment June 10, 2025

Sports

“It’s a huge honour:” James Anderson on IND-ENG Test series named after him – World News Network
Sports
“This was very difficult”: Former West Indies T20I captain Nicholas Pooran retires from international cricket at 29 – World News Network
Sports

Popular Category

  • Business
  • Entertainment
  • Health
  • Lifestyle
  • National
  • Science
  • Sports
  • Tech
  • Videos
  • World
  • Marathi
  • Hindi
  • Gujarati
  • Press Release
  • Press Release Distribution Packages

Entertainment

Tejasswi Prakash offers prayers at Mahakaleshwar Temple in Ujjain on her birthday – World News Network
Entertainment
Tejasswi Prakash offers prayers at Mahakaleshwar Temple in Ujjain on her birthday – World News Network
Entertainment
Latest World News UpdateLatest World News Update
Follow US
Copyright © 2023 World News Network. All Rights Reserved
Welcome Back!

Sign in to your account

Lost your password?