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Several of India’s small and medium-sized steel producers have started reducing output as domestic demand weakens and steel prices continue to decline, according to industry officials and trade data.
Falling prices, driven by subdued construction activity and high inventories, have squeezed margins for non-integrated producers who rely on scrap and sponge iron. Many smaller mills across Chhattisgarh, Maharashtra, and Punjab have curtailed production by 15–30% in recent weeks.
While large integrated producers like Tata Steel and JSW Steel have maintained stable operations, secondary steelmakers—who account for nearly 40% of India’s total output—are struggling with rising input costs and limited financing.
Industry experts attribute the slowdown to post-monsoon delays in construction projects and lower rural demand. Additionally, increased imports and subdued export orders have worsened the situation for small producers.
Analysts expect operations to normalize by early 2026 as infrastructure and housing activity picks up under government capital expenditure plans. However, near-term pressure on pricing and profitability may persist for smaller mills.
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