CareEdge Research Anticipates Crude Steel Output Surge in FY24

SEATTLE (Scrap Monster): CareEdge Research, in its latest report, said that it expects crude steel production in India to grow 4-7% to total approximately 123-127 million tonnes in FY24.

The domestic steel consumption growth rate is projected to remain healthy at 8-10% in FY24, primarily driven by government’s increased infrastructure spending, booming real estate and construction activities along with robust automotive market.

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As the country enters into pre-poll year, the government is likely to significantly boost budgetary capital expenditure for infrastructure. It is likely to earmark a capital outlay of INR 2.4 lakh crore for Indian Railways and announce a series of transport infrastructure projects. These measures are projected to boost domestic steel demand in the country, the CareEdge research report said.

During the first eleven months of FY23 the country’s domestic finished steel production and consumption surged higher by 6.2% and 11.6% respectively, upon comparison with the fiscal year before that. At the same time, steel exports witnessed sharp decline during this period, driven by weak global steel demand and export duty on steel products. The country turned out to be a net steel importer during the period from December 2022 to February 2023, for the first time in three years.