India Steel Demand Set to Grow Up to 10%, Top Mill Says

The nation’s output is growing on par with its infrastructure
Increasing Chinese exports put pressure on the global market

JSW Steel Ltd. Joint Managing Director and Chief Executive Officer Jayant Acharya discusses the demand outlook and the company’s prospects. JSW’s quarterly profit quintupled, beating estimates, driven by higher output and strong demand in India as infrastructure spending accelerated ahead of elections this year. Acharya speaks on “Bloomberg Markets: Asia.”

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By Swansy Afonso and Menaka Doshi

January 30, 2024 at 7:39 AM UTC

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Indian steel demand is likely to grow 8% to 10% in the medium term, underpinned by robust economic growth in the world’s second-biggest consumer of the alloy, according to the country’s largest mill.

JSW Steel Ltd. said it’s forecasting an even more dramatic 15% nationwide expansion in the year through March to 135 million tons, and then very healthy growth through the rest of the 2020s.