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India’s steel demand is projected to rise by 8.5–9.5% in FY26, outpacing the 10-year average of 7%, according to the latest CRISIL SME Tracker. The surge will be driven largely by robust government capital expenditure in infrastructure, including railways, roads, power, renewable energy, and urban development.
Crude steel production is expected to expand by 10–12% year-on-year, supported by falling imports and stronger domestic consumption. In the long steel segment, production rose 8.7% in Q1 FY26, with small and mid-sized mills contributing nearly 72% of output.
However, rising input and operational costs are creating pressure on margins for steel MSMEs, which remain the backbone of India’s long steel production. CRISIL noted that while many small mills are scaling up and integrating operations, some may eventually move out of the MSME classification due to their expanded capacities.
Despite these challenges, the outlook for FY26 remains positive, with strong demand ensuring resilience across the steel value chain.
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