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India’s Steel Consumption to Grow 9-10% in FY25: ICRA

Steel sector capacity to hit 88% despite monsoon and rising imports.

Published

1 year ago

September 17, 2024

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India’s domestic steel consumption is projected to rise by 9-10% in FY2025, according to a report by ICRA. The first quarter of FY2025 saw a 15% year-on-year growth in demand, although a slowdown is anticipated in the current quarter due to monsoon impacts. ICRA forecasts that steel sector capacity utilization will reach a decade-high of 88%, despite the addition of 15.6 million tonnes per annum (mtpa) of new capacity this year.

Between FY2021 and FY2024, India’s steel industry expanded rapidly, adding 26.3 mtpa of capacity. An additional 27.5 mtpa is expected between FY2025 and FY2027, driven by growing demand and increased imports. India’s finished steel imports rose by 35.4% in Q1 FY2025, continuing last year’s trend.

Despite rising imports, steelmakers are benefiting from lower raw material costs, with Australian coking coal prices down 45% and NMDC reducing iron ore prices by 18%. These reductions are expected to support profitability, though temporary margin contractions may occur in Q2 FY2025.

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India’s Steel Consumption to Grow 9-10% in FY25: ICRA

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NIPSEA Group Names Sharad Malhotra MD of Nippon Paint India

Sharad Malhotra becomes first Indian appointed MD of Nippon Paint India.

Published

6 hours ago

November 18, 2025

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The NIPSEA Group, a subsidiary of Japan’s Nippon Paint Holdings, has appointed Mr Sharad Malhotra as Managing Director of Nippon Paint India, effective 1 December 2025. He succeeds Mr Jon Tan and will report to Group CEO Mr Wee Siew Kim. With this appointment, Mr Malhotra becomes the first Indian to lead the company’s India operations.

Nippon Paint, headquartered in Japan, is the world’s fourth-largest paint company by revenue and the leading paints and coatings brand in the Asia Pacific region. The appointment aligns with the company’s strategy to strengthen its long-term presence in India, a key growth market.

A 15-year veteran at Nippon Paint, Mr Malhotra has played a pivotal role in establishing the company’s automotive refinish, wood coatings, and light industrial coatings businesses in India. He is also a Director on the Board and has recently overseen the company’s diversification into paint protection films and new product categories.

Mr Wee Siew Kim, Co-President of Nippon Paint Holdings and Group CEO of the NIPSEA Group, said the appointment recognises Mr Malhotra’s strong track record. “Sharad has successfully charted a growth path for our auto refinish business globally while based in India. His ability to deliver results and deep understanding of our business make him well suited to lead our India operations through the next phase of growth,” he said.

Mr Malhotra said he was honoured to take on the new responsibility. “The Indian market presents unique opportunities and challenges. I look forward to expanding our business, building on our strengths, and supporting our customers and partners as we move ahead.”

As Managing Director, he will drive the overall direction and strategy of Nippon Paint India, with a focus on sustainable growth across segments. He will also continue to lead the company’s global automotive aftermarket initiative, a category he has overseen since inception.

Nippon Paint sees India as a strategic market due to its large population, growing economy, skilled workforce, and expanding infrastructure. The company aims to build on its Asian market strengths and leverage its technologies, teams, and ecosystem as it enters a new phase under Mr Malhotra’s leadership.

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Scrap Emerges as Cornerstone of India’s Steel Decarbonisation Journey

Speakers emphasised that sourcing sufficient scrap remains a key challenge as India’s steel demand continues to rise.

Published

4 days ago

November 14, 2025

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Steel scrap is rapidly becoming a critical enabler of India’s green steel ambitions, industry leaders highlighted at the 12th Indian Steel Markets Conference, organised by mjunction services limited.

“Steel is one of the few materials that can be recycled endlessly without compromising strength or quality. This makes it the foundation not only of industrial growth, but also of sustainability,” said Vinaya Varma, Managing Director, mjunction services limited, during the opening session of the two-day conference. India currently consumes around 42 million tonnes of scrap annually, growing at over 6 per cent per year, with nearly 9 million tonnes being imported.

Reflecting global priorities around decarbonising steel, this year’s conference is centred on the theme: ‘Indian Steel Value Chain – Recycle. Reshape. Innovate. Sustain.’

“Sustainability is no longer optional—it is strategic,” noted Syed Jawed Ahmed, Executive Director, SAIL, as he outlined the company’s efforts to build capabilities aligned with emerging green steel norms.

Speakers emphasised that sourcing sufficient scrap remains a key challenge as India’s steel demand continues to rise. “Government capex accounts for nearly 60 per cent of steel consumption, but the needs of India’s young and expanding population are also accelerating demand,” said Girishkumar Kadam, Senior Vice President & Group Head, Corporate Sector Ratings, ICRA.

The supply side is equally strained. According to Sandeep Kumar, Vice President, Raw Materials, Tata Steel, reliance on imported coking coal is becoming increasingly expensive, while aggressive bidding for iron ore mines is pushing up domestic ore prices.

Beyond decarbonisation, the conference aims to offer sharp insights into the volatile global and domestic environment, policy transitions, shifting trade patterns, and the increasing focus on sustainability that is shaping India’s steel growth trajectory.

mjunction Strengthens Organised Scrap Procurement Ecosystem

With over two decades of leadership in the organised scrap trade, mjunction has been a key partner for industries ranging from Auto OEMs and EPC projects to P&M units and other industrial suppliers. As an early mover in enabling sales from Registered Vehicle Scrapping Facilities (RVSFs), the company has been sourcing scrap for organised buyers for the last six years.

To address the widening demand–supply gap, mjunction has developed an AI-driven digital procurement platform backed by a specialised team of scrap professionals. The platform ensures structured market access for buyers while maintaining strict environmental, legal, and commercial compliance. More than 250 GST-compliant suppliers have been onboarded across 120+ locations, reinforcing the network’s breadth and credibility.

Over the past three years, mjunction has supplied 1.2 million tonnes of scrap to major Integrated Steel Plants across 15 states. The company has also coordinated logistics for over 37,000 vehicles and 64 rail rakes, ensuring smooth, end-to-end delivery, Varma noted.

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Nippon Paint India Appoints Sharad Malhotra as Managing Director

Malhotra becomes first Indian to lead Nippon Paint’s India operations

Published

1 week ago

November 11, 2025

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New Delhi, November 10, 2025 – The NIPSEA Group, a subsidiary of Nippon Paint Holdings, Japan, has announced the appointment of Sharad Malhotra as Managing Director of Nippon Paint India, effective December 1, 2025. He succeeds Jon Tan and will report to Wee Siew Kim, CEO of NIPSEA Group. Malhotra becomes the first Indian to hold this leadership role.

Headquartered in Japan, Nippon Paint is the world’s fourth-largest paint company by revenue and the leading paints and coatings brand in the Asia-Pacific region. The appointment reinforces the company’s long-term commitment to India, a key strategic growth market.

A Proven Leader in Paint Innovation
A 15-year veteran with Nippon Paint, Malhotra has been instrumental in building the company’s automotive refinish, wood coatings, and light industrial coatings business in India. He also serves as a Director on the Board and has recently led the company’s expansion into new product categories, including paint protection films.

Commenting on the appointment, Wee Siew Kim, Co-President of Nippon Paint Holdings and Group CEO, said, “We are delighted to appoint Sharad Malhotra to this pivotal leadership role. His proven track record, strategic vision, and deep understanding of the Indian market make him ideally suited to lead our next phase of growth.”

Vision for India’s Growth Story
On his new role, Sharad Malhotra said, “It is an immense honour to lead Nippon Paint India at this transformative moment. India presents unique opportunities, and I look forward to building on our strengths and expanding possibilities for our customers and partners.”

As Managing Director, Malhotra will oversee the company’s strategic direction and drive sustainable growth across all segments of the Indian paint market. He will also continue to lead Nippon Paint’s global automotive aftermarket business, a division he has successfully developed from inception.

India: A Strategic Growth Market
With India’s expanding infrastructure, skilled workforce, and strong economic growth, Nippon Paint sees the country as central to its Asia-Pacific ambitions. Under Malhotra’s leadership, the company aims to strengthen its market presence while delivering value to stakeholders and advancing sustainable innovation.