India’s steel exports recorded a double-digit growth of 11% in October compared to the previous month, indicating an improved outlook for the sector, according to data compiled by the Ministry of Steel.
While the country’s steel exports rose to 440 million lakh tonnes in October, from 4 lakh tonnes in September, there was a dip in imports which will help the domestic steel companies to fetch better prices for their products in the third quarter, a senior official said. Imports slowed during the month for the first time in the current financial year as the Government imposed restrictions on poor-quality steel that was coming from countries such as Vietnam. As a result, steel imports declined 4% to 9.8 lakh tonnes after scaling a peak of 11 lakh tonnes in September, according to official figures.
According to senior SAIL officials, there has been some improvement in the domestic steel sector with the price of long products going up by around 2% to INR 53,000 per tonne compared to September.
Similarly, JSW Steel CEO Jayant Acharya said in an investor call that prices are looking up, after the sharp decline in September when imports had surged to a record high. India’s steel production in 2024-25 is expected to touch 152 million tonnes, with an annual growth of 8% which is driven by Government expenditure on big-ticket infrastructure projects such as highways, ports and railways. The increasing urbanisation and surge in construction activity also drive up demand for steel products.

The Odisha government confirmed that AM/NS India will not be relocating its proposed mega steel plant from Odisha, addressing speculations about a potential shift. The project, envisioned as one of the largest steel ventures in the region, aligns with Odisha’s strategic goals for industrial growth and job creation. This assurance came from state officials after AM/NS India reaffirmed its commitment to the location, highlighting Odisha’s appeal due to its mineral wealth, industrial infrastructure, and supportive policies.

The proposed steel project, with a significant projected capacity, is anticipated to boost local employment, catalyze auxiliary industries, and strengthen Odisha’s position in India’s steel production landscape. The state government is working closely with AM/NS India to streamline approvals and provide necessary infrastructure support, ensuring the project progresses on schedule.

Odisha has been proactively fostering industrial growth, and this project adds to the list of initiatives aiming to utilize the state’s mineral resources effectively. AM/NS India’s decision to maintain its plans in Odisha underscores the state’s attractiveness for large-scale industrial investments and signals a positive outlook for regional economic advancement.

India’s JSW Steel and South Korea’s POSCO have announced plans to jointly invest ?650 billion (~$7.73 billion) in constructing a steel plant in Odisha. The plant, which will have an initial capacity of 5 million tons of steel annually, is part of their strategy to tap into India’s rapidly growing steel market, fueled by its fast-paced economic expansion.

The cooperation agreement was signed last week, although specific financial details were not disclosed. The initial investment for the project will be ?200 billion, with the plant expected to be operational by next year. Over the following three years, the plant’s capacity is set to grow to 18 million tons per year, requiring the full $7.73 billion investment.

India’s steel demand has surged in response to infrastructure expansion and rapid economic development, positioning the country as a key market for the steel industry amid declining demand in Europe and the U.S. From April to August, steel demand in India reached its highest level in seven years, driven by the construction of new plants and warehouses for large corporations.

The new facility in Odisha will produce hot-rolled, cold-rolled, and galvanized steel. This venture marks POSCO’s latest attempt to establish a large enterprise in India. A few years ago, POSCO planned a $12 billion investment—the largest foreign direct investment project in India at the time—but the project was shelved due to land acquisition challenges.

Separately, JSW Steel is also pushing forward with decarbonization efforts, planning to invest $1 billion to reduce CO2 emissions and become carbon neutral by 2050. The company aims to cut emissions by 42%, reducing them to 1.95 tons of CO2 per ton of steel by 2030.

In addition, JSW Steel recently announced its acquisition of a 67% stake in Australian coal company M Resources for $120 million, enhancing its coal reserves and supply chain.