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According to Icra, domestic demand growth for non-ferrous metals like copper and aluminum is projected to remain at 10% in the upcoming fiscal year.
Throughout the first nine months of the current fiscal year, the government's initiatives for infrastructure development and the encouragement of demand from the renewable energy and electric vehicle (EVs) sectors helped to maintain the apparent consumption growth of non-ferrous metals in the domestic market at 10–13%.
"While the demand is expected to remain soft over the next two quarters as government spending moderates around the general elections, the overall demand growth is expected to remain comfortable at 10% in FY24 and FY25," Icra said in a statement.
The operating margin of domestic players is also likely to remain stable at 17-17.5% in FY25, like the levels estimated in FY24. Consequently, the rating agency maintains a stable outlook on the sector, it said.
"Icra notes that the domestic e-auction premia on coal had eased in recent months to 40% in February 2024. The prices of caustic soda and calcined pet coke also moderated in the current fiscal," it added.
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