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India Shines as Global Steel Industry Bright Spot: Jefferies
In a sluggish global steel market, India has emerged as a rare growth engine, according to a recent Jefferies report. While global steel production fell 1% between 2019 and 2024, India’s output surged by 33%, driven by rising domestic demand and supportive government policies.
Jefferies forecasts an 8–10% compound annual growth rate (CAGR) in Indian steel volumes through FY25 to FY27, citing strong infrastructure development, industrial growth, and stable pricing. The firm also sees a 5% CAGR in coal volumes due to increasing power demand, and continued momentum in aluminium consumption, which has grown at a 7% CAGR since 2017.
To capitalize on this trend, Jefferies has issued “Buy” ratings on Tata Steel, Jindal Stainless, and Coal India, expecting them to benefit from structural growth and favorable market conditions. The report underscores India as the only major economy showing consistent growth in steel and commodities, positioning it as a key investment hub.
India’s resilient economy, expanding industrial base, and strategic policy initiatives make it a standout in the global commodities landscape — a true bright spot in a flat global market.
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