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India's steel consumption witnessed robust double-digit growth in the last fiscal year, driven by increased infrastructure spending and a surge in construction activity. According to industry data, India's finished steel consumption rose by 12% year-on-year (Y-o-Y) to 120 million tonnes in FY25, up from 107 million tonnes in FY24.
The rise in demand has been largely attributed to government-led infrastructure projects, increased private sector investment, and growth in the automotive and manufacturing sectors. Long steel products, used in construction and infrastructure, saw a 14% Y-o-Y rise in demand, while flat steel products, used in manufacturing and automotive sectors, registered a 10% Y-o-Y increase.
India's domestic steel production also increased by 9% to 118 million tonnes in FY25, keeping pace with the growing demand. However, rising imports from China and Southeast Asia have pressured prices despite the strong domestic consumption. Industry analysts expect the government to implement protective measures, such as import duties, to safeguard the domestic market.
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