Indian steel production is expected to increase in 2023 due to government support for infrastructure-led economic growth.
The latest steel news reports that Indian steel production is expected to increase throughout 2023. The information comes directly from sector experts and the head honchos of steel companies themselves. So, aside from being welcome, it is an opinion with a fair amount of clout behind it.
Moreover, the Government’s capex outlay remains poised to increase by 37% year-on-year in FY2024. For this reason, the ICRA revised its steel consumption growth estimate to 7-8% from 6-7%. Unsurprisingly, steel news outlets were quick to run with Chatterjee’s comments. According to him, one of the biggest factors impacting the steel industry was the opening up of China. With that happening alongside increased U.S. stability and European market changes, the low price of steel could be behind us.
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