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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%

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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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Cement demand to rise 7% in FY26

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India’s cement demand is projected to grow 6.5–7.5 per cent in FY26, supported by a ~10 per cent increase in central infrastructure spending and prospects of a strong monsoon, which could boost rural housing. In FY25, demand had moderated to 4.5–5.5 per cent due to electionled disruptions, sluggish project execution, and weak real estate activity. Infrastructure will remain the key demand driver, contributing ~30 per cent of total cement consumption— led by roads, railways, irrigation, and urban development. Notably, 12 major states have raised their budget allocations by 11 per cent, fuelling optimism. Rural housing (32–34 per cent share) is expected to gain from rising farm incomes, PMGSY, MNREGA, and higher average rural wages. Urban housing is likely to recover on a low base, improved pace under PMAY-Urban, and interest rate cuts.

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World’s First Book on Carbon Steel Sourcing Launched by Hero Steels CEO

Panckaj N Umrania’s book offers strategic insights into steel sourcing.

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The global steel industry marked a milestone with the launch of “Mastering Carbon Steel Sourcing: From Domestic Suppliers to Global Partnerships,” the world’s first book on carbon steel sourcing. Authored by Panckaj N Umrania, Executive Director of KND Steel, the book was unveiled by Jitendra Sharma, ED & CEO of Hero Steels Ltd.
The event saw participation from industry leaders, policymakers, and representatives from JBM Group, Havells India, Philips Lighting India, Air India, and Northern Railways, underscoring its industry relevance.
Published by Academic Foundation India, the book serves as a guide for business leaders and sourcing professionals, covering supply chain optimisation, quality control, and cost management. It also highlights India’s growing role in global steel sourcing.
Speaking at the launch, Umrania stated, “This book addresses key sourcing challenges and provides practical solutions to help businesses enhance profitability.”
The event concluded with a panel discussion on the future of steel sourcing and supply chain innovation, reinforcing the book’s significance in transforming global sourcing strategies.
                     

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Viva ACP Unveils Bricklyn: A Fusion of Tradition and Innovation

The new ACP series blends classic brick aesthetics with modern engineering.

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Viva ACP, Asia’s largest aluminium composite panel (ACP) manufacturer, has launched Bricklyn, a new addition to its Santa Fe series. Inspired by the strength of traditional bricks and reimagined with contemporary design, Bricklyn merges heritage aesthetics with advanced technology.
The design draws from Brooklyn’s urban energy and the stacking ingenuity of Jenga, offering structural integrity, aesthetic appeal, and creative flexibility. Available in a range of muted and bold hues, the panels allow architects to craft dynamic, visually striking façades.
Engineered using Stucco Textures and Synchro Technology, Bricklyn ensures durability and resilience with a 15-year warranty, reinforcing Viva ACP’s commitment to quality.
“Bricklyn is more than a cladding solution; it’s a tribute to tradition and innovation,” the company stated, positioning the series as a benchmark for modern architectural design.
               

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