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India's steel production may face headwinds for raw material supply amidst ambitious expansion plans. The increase in Indian steel manufacturing capacity comes at an opportune time for the industry since the country has seen large infrastructure projects such as the development of national highways in recent years.
India is currently holding general elections, and if the current administration wins back to power, the push for infrastructure will probably continue to gain momentum due to policy continuity.
Although India has surpassed Japan in becoming the world's second-largest producer of steel in recent years, the manufacturing of steel is a very capital-intensive industry, with raw material prices accounting for a significant portion of production expenses. In such a scenario, the question arises whether the Indian steel sector is comfortably placed to have access to conventional and non-conventional raw materials in the future.
Also Read : Fitch Ratings' prediction for iron ore and coking coal prices remains unchanged India's steel demand is expected to grow by 8-10% in FY25
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