India will witness a significant increase in steel-intensive construction activities in housing and infrastructure sectors, along with rising demand from engineering and packaging segments.
Jan 17, 2025
India is set to retain its position as the fastest-growing major steel-consuming economy in 2025, with an anticipated demand growth of 8-9 percent, a recent report by a leading Indian credit rating agency revealed.
The report credited the robust growth forecast in the country to increasing steel-intensive construction activities in housing and infrastructure sectors, coupled with strengthening demand from engineering and packaging segments.
As per the report recently released by CRISIL’s Market Intelligence and Analytics, India’s steel demand experienced an estimated 11 percent increase in 2024. The domestic supply, however, showed a downward trend.
The rising imports and declining exports influenced the market in 2024, leading to an additional availability of 3.2 million tonnes of finished steel, representing 2 percent of total finished steel demand.
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As per CRISIL, India registered an increase in finished steel imports from major global exporters, such as China (rose 2.4-fold between 2022 and 2024), Japan (grew by 2.8 times) and Vietnam (increased to 8-folds).
