India’s steel sector is set to enter a strong upcycle, with the World Steel Association projecting nearly 9% demand growth in both 2025 and 2026, the fastest among major economies. The surge is being fuelled by broad-based expansion across construction, capital goods, automobiles, and infrastructure.

India’s steel consumption continues to rise from an already elevated base. Finished steel use stood at 136.29 million tonnes (MT) in FY24 and increased to 150.23 MT in FY25. In the first four months of FY26 (April–July 2025), consumption reached 51.45 MT, reflecting sustained underlying demand from key sectors.

Government policy support is further bolstering the value-added steel segment. Under the Production-Linked Incentive (PLI) Scheme for Specialty Steel, with an outlay of Rs 6,322 crore

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