ICRA Ups Growth Target for Domestic Steel Demand

The growth target for domestic steel demand for the current fiscal year has been lowered by ICRA to 9–10%. The organization credited the strong demand from steel-consuming industries and the government’s heavy spending for this encouraging change. The organization reported that domestic steel consumption increased by 11.3 percent between February and April of 2024. According to the research, government spending on capital projects persisted until February 2024. After that time, industries including real estate and housing were crucial in sustaining the strong demand for steel.

The rating agency revised its steel demand growth prediction for FY25 to 9–10%, citing these new tendencies. The sector’s profits forecast for FY2025 has been revised upward as a result of this change, which is an improvement above the prior estimate of 7-8%, according to the research.

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