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Nomura: Indian steel majors among best-positioned producers worldwide

The report highlights a compound annual growth rate (CAGR) of 4.8%

Published

1 year ago

October 4, 2024

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India’s steel industry is set to expand significantly over the next few years, with plans to add around 23 million tonnes (MT) of crude steel capacity between FY24 and FY27, according to a report by Nomura.

As per the report, the industry is reflecting a compound annual growth rate (CAGR) of 4.8 per cent. The report noted that this growth target is in consistent with the industry’s long-term average growth from FY15 to FY24.

Despite this substantial increase in capacity, experts believe that the Indian steel sector is poised to enter a favorable phase.

“We estimate India’s steel industry will add approx. 23MT crude steel capacity over FY24-27F, at an implied 4.8 pc CAGR, in line with the FY15-24 long-term average” said the report.

The report noted that the steel majors JSW, JSPL, Tata Steel and ArcelorMittal & Nippon Steel should account for nearly 87 per cent of the ongoing capacity expansion. Although the report noted that significant capacity will come onstream over the next three years.

The JSW steel is set to add 7MT by FY28F at a 5 per cent CAGR over FY24-28F, according to the report. While the JSPL is set to add 6.3MT by FY27F at an 18 per cent CAGR over FY24- 27F.

The report also suggested that even under a conservative assumption of 6 per cent CAGR in steel demand through FY27 (compared to 7 per cent over the last five years), capacity additions are still expected to fall behind demand growth during this period. This could lead to an improvement in the domestic supply-demand balance, reducing the need for steel companies to rely on exports for volume growth.

“Improvement in domestic supply-demand fundamentals through FY27F would suggest reduced dependence on exports for volume growth” added the report.

India’s steel companies are well-positioned within the global metals sector, according to analysts. These companies benefit from operating at the lower end of the global cost curve, mainly due to lower labor costs. Additionally, India’s iron ore costs remain competitive compared to other countries, even for non-integrated steel producers.

The future expansion of India’s steel industry is expected to be driven largely by brownfield projects, where existing facilities are expanded or upgraded. Strong domestic demand is another factor that could help reduce the industry’s reliance on exports.

Over the past few years, India’s steel production has grown at a 6 per cent CAGR between 2019 and 2023, far outpacing China’s 1 per cent growth and the rest of the world’s 1 per cent decline. With these factors in place, Indian steel companies are seen as some of the best-positioned producers globally, offering significant growth potential in the coming years.

“We believe Indian steel majors are among the best-placed producers globally” the report noted.

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SAIL Posts Highest-Ever December Sales, FY26 Growth Strong

December volumes jump 37 per cent, momentum continues through April–December.

Published

1 week ago

January 6, 2026

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Steel Authority of India (SAIL), a Maharatna central public sector enterprise and one of India’s largest steel producers, has recorded its highest-ever sales for the month of December, reflecting strong demand and improved operational performance.

According to provisional data, SAIL clocked sales of 2.1 million tonnes (MT) in December 2025, registering a robust growth of around 37 per cent compared with 1.5 MT sold in December 2024. This marks the company’s best performance for the month of December to date, with strong growth reported across product categories and sales channels, alongside a significant reduction in inventory levels.

The strong monthly performance was driven by a sharp focus on timely customer deliveries and enhanced market engagement. SAIL has also stepped up its branding and outreach initiatives in recent months, contributing to improved visibility and stronger customer connect in both retail and institutional segments.

The December showing helped SAIL sustain its growth momentum during the current financial year. Cumulative sales for the April–December 2025 period stood at 14.7 MT (provisional), reflecting a growth of about 17 per cent compared with 12.6 MT recorded during the corresponding period of the previous year.

In addition to solid performance in the domestic market, SAIL’s export volumes have also witnessed a significant increase, highlighting the company’s expanding global footprint and competitiveness in international markets. The improved export performance comes amid volatile global steel market conditions, underscoring SAIL’s ability to adapt and capitalise on emerging opportunities.

The sustained improvement in sales volumes reflects SAIL’s strengthened market presence, customer-centric approach and operational efficiencies. The record-breaking achievements across domestic and overseas markets reinforce the company’s position among India’s leading steel producers and are expected to further enhance its standing among major global steel players in the coming years.

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Ministry of Steel Invites Media Partners for Bharat Steel 2026

Global steel conference to be held in New Delhi in April 2026.

Published

1 week ago

January 6, 2026

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The Ministry of Steel, Government of India, has invited media organisations to partner with Bharat Steel 2026, an international conference-cum-exhibition scheduled to be held on April 16–17, 2026, at Bharat Mandapam in New Delhi. Envisioned as a premier global platform, the event will bring together policymakers, industry leaders, investors, technology providers and international stakeholders to discuss the future of the steel sector in India and worldwide.

Bharat Steel 2026 aims to showcase India’s steel vision, policy roadmap and investment opportunities, while fostering structured engagement between the Government of India and the global steel ecosystem. The conference is expected to see high-level participation from senior government leadership, key central ministries, state governments, chief executives of leading Indian and international steel and mining companies, global technology players, financial institutions, trade bodies and international delegations.

The two-day event is likely to feature key policy deliberations, industry announcements, business collaborations and knowledge-sharing sessions, with a strong focus on sustainability, innovation and long-term growth of the steel industry. Given its scale and international participation, Bharat Steel 2026 is expected to attract significant national and global attention.

In this context, the Ministry of Steel proposes to collaborate with leading media organisations to ensure wide-ranging and impactful coverage of the conference. Media partners are being invited across categories, including digital media, print media (magazines and newspapers), and electronic and television platforms.

The tentative scope of collaboration includes digital promotions through dedicated web banners and social media posts, publication of advertisements and editorial content in print, and broadcast of promotional material, interviews, panel discussions and event highlights on electronic and television channels. Coverage is envisaged across pre-event, event and post-event phases to ensure sustained visibility.

Partnering media organisations will gain enhanced visibility, access to senior government and industry leaders, exclusive content opportunities, press briefings and on-ground coverage during the event, enabling close engagement with one of the most significant government-led platforms in the steel sector.

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India Imposes Three-Year Tariff on Select Steel Imports

New duties aim to curb surge of low-priced steel from China

Published

2 weeks ago

December 31, 2025

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India has recently imposed import tariffs for a three-year period on select steel products, targeting a sharp rise in low-priced shipments from China that regulators say are hurting domestic producers.

The tariff has been set at 12 per cent in the first year, easing to 11.5 per cent in the second year and further tapering to 11 per cent in the third year. The measure follows concerns flagged by trade authorities over increasing imports at prices below prevailing domestic levels.

As the world’s second-largest crude steel producer, India has been grappling with sustained inflows of cheaper steel, particularly from China, raising anti-dumping concerns and putting pressure on local steelmakers’ margins and capacity utilisation.

The move is expected to provide near-term relief to domestic producers while allowing a gradual adjustment as duties are phased down over the three-year period.