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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

7 months ago

September 13, 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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World’s First Book on Carbon Steel Sourcing Launched by Hero Steels CEO

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

Published

2 months ago

February 27, 2025

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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.

Published

2 months ago

February 27, 2025

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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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HMPL Wins Rs 1 Billion Steel Contract in Maharashtra

The execution of the project is expected to be completed within six months.

Published

2 months ago

February 27, 2025

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Hazoor Multi Projects (HMPL) has been awarded a contract worth Rs 1.02 billion for steel-related works in Maharashtra. The order, issued by Venkatesh Infra Projects, involves reinforcement steel cutting, bending, fixing, and fabricating structural steel for a bridge under construction at the Versova-Bandra Sea Link project site in Mumbai. The execution of the project is expected to be completed within six months.

HMPL specializes in engineering, procurement, and construction (EPC) services, primarily focusing on renewable energy and infrastructure projects, including roads and bridges. The company has been actively expanding its presence in the infrastructure sector with a strong emphasis on large-scale projects.

In addition to this contract, HMPL is working on plans to establish a 500 MW solar power project in Andhra Pradesh. The proposed project entails an investment of Rs 25 billion, reflecting the company’s commitment to advancing renewable energy initiatives in India.

With a growing portfolio in both infrastructure and renewable energy, HMPL continues to strengthen its position in the industry, leveraging its expertise in EPC services to execute complex projects efficiently. The latest order further reinforces its role in contributing to major infrastructure developments in Maharashtra.

News source: The Hindu Businessline