JSW Steel, Tata Steel poised for margin recovery as domestic demand holds firm: Siddhartha Khemka
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India’s steel industry is emerging as a rare bright spot in an otherwise subdued global metals landscape. While major global markets remain trapped in low-growth cycles, domestic steel demand continues to expand steadily, positioning India as the fastest-growing steel market worldwide. The sector is expected to deliver an estimated 8–10% volume CAGR over FY25–FY28, supported by structural domestic demand and ongoing capacity additions. India now accounts for nearly 8% of global crude steel output, up from about 5% in CY10, with production growing at a 6% CAGR over the past five years, significantly outperforming global peers. In 11MCY25, global crude steel output declined 3% year on year to 1.65 billion tonnes, led by a 5% contraction in China. In contrast, India recorded robust 10% growth to 149 million tonnes, underpinned by sustained consumption momentum across infrastructure, real estate, transport and energy transition sectors. Finis...