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India’s steel sector saw strong production growth in FY2025–26, but prices remained under sustained pressure due to weak demand and global market challenges. According to BigMint data, crude steel output rose by about 11% year-on-year to 168 million tonnes, driven by rapid urbanisation and infrastructure investments.
However, demand failed to keep pace. Steel consumption grew only 7%, creating a supply-demand imbalance that weighed heavily on pricing trends. This gap forced producers to rely more on exports, which increased by nearly 30%, helping ease domestic oversupply.Overall, steel prices declined, with the BigMint India steel composite index dropping around 2% year-on-year. Weak global sentiment, reduced demand from key regions like China and Europe, and trade uncertainties further added downward pressure.
At the same time, raw material costs such as iron ore remained firm due to limited domestic supply, squeezing margins for steelmakers.Toward the end of the fiscal year, prices showed signs of recovery after the Indian government imposed safeguard duties on imports, helping curb cheaper inflows and stabilize the domestic market.Despite these late gains, FY2025–26 reflects a challenging phase for India’s steel industry, where strong output growth was offset by weaker demand and persistent pricing pressure.
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