India

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Steel demand in Bharat will grow by 10% in fiscal 2023/2024 – forecast

Growth will primarily come as infrastructure spending accelerates

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Bharat and US agree on preferential treatment for steel exports

Countries have closed pending disputes at the WTO

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India needs more initiatives to obtain additional scrap volumes

Currently, the country produces about 22 million tons of scrap per year

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India increased steel production by 12.8% y/y in August

Pig iron smelting for the month increased by 8.1% y/y

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India reduced steel exports by almost 30% in January-July

In July, exports increased by 34% compared to the previous month

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Indian JSW Steel increased steel production by 10% y/y in July

Steel production at the plant in the US increased by 96% y/y

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India increased rolled products export by 35% y/y in July

Compared to June 2023, exports increased by 3%

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India’s growth could offset global demand for steel and raw materials

The country focuses on the development of infrastructure and expansion of production

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AMNS India in April-June increased steel production by 7.4% y/y

In the first half of 2023, steel production increased by 4.7%

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India seeks to protect steelmakers under free trade agreements

The Ministry of Steel considers the condition of «melt and pour» as a countermeasure to transit exports

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JSW Steel increased steel sales by 27% y/y in Q1 2023/2024

The driver of sales growth was the increase in demand for steel in the infrastructure industry

Indian traders are buying cheaper steel from China

Chinese steel products are offered at deep discounts, which is a problem for local producers

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