India is set to surpass the other key steel-consuming economies in the year 2025. This will happen with the demand growth of 8 to 9%, as per CRISIL’s Market Intelligence and Analytics report.

According to media reports, this demand will be moved with a transition towards more steel-based construction in the infrastructure and housing sector. This will happen with the increasing demand in engineering, packaging, and other regions.

The report points out that the domestic supply will remain a matter of concern. The demand in the country is likely to have grown by 11%.

The weaker growth in 2024 was also influenced by the competitive imports and the going down in exports.

There has been a rise in the import of finished steel by 24.5% but the export went down by 6.4%. This leads to an extra 3.2 million tonnes of finished steel.

Like, China has supplied India with some value-added products, mainly steel. Under this comes galvanized and coated steel and others. In between 2022 and 2024, the steel finished imports from China saw a growth by 2.4 times. However, the HRC import saw a rise by 28 times.

The import from Japan of overall finished steel got increased by 2.8 times in the year 2024. On the other end, the HRC got a rise by 1.6 times.

The growth of the imports of steel from South Korea a comparatively slow. In the year 2024, the price of domestic steel saw a fall due to growth in the net imports. This leads to additional material availability.

Prices of Hot Rolled Coil commonly known as HRC got down by 9%. However, the prices of Cold Rolled Coil fell by 7%.

According to the report, the price of the iron ore are likely to witness the growth by 9-10%. On the other end the spot price of the Austrailia-based premium law volatility coking coal fall by 12% in the year 2024.