India’s metal sector plays a pivotal role in fulfilling nation's increasing infrastructure demands and supporting its evolving manufacturing sector. Indian steel consumption is expected to grow strong 9% to 142mt over FY23-25E led by a) GOI’s strong focus on building infrastructure, b) recovering automobile industry volumes with rising affordability and electrification trend, c) rising urbanization driving strong volumes in realty sector and d) increasing private capex utilization across industries. Indian steel companies are expected to add ~22mt of capacities over next two years and drive volume growth. However, near term global demand is muted led by weaker China and developed nations struggling from inflation and higher interest rates, both peaking out. Though coking coal prices are expected to moderate due to improved supply conditions, Iron ore prices are weak and would trend depending upon China’s gradual recovery over next few quarters. As Chinese GDP growth is expected to be stimulus and consumption driven, demand recovery will be slow and steel prices may bottom out as industry is making losses. With curtailed production in 2HFY24, we expect pricing to get support and thereby Indian players would be ultimate beneficiaries of the same.

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

5 REPORT ASSUMPTIONS & CAVEATS

6 PREMIUM INSIGHTS

7 MARKET AT A GLANCE

8 INTRODUCTION

9 MARKET OPPORTUNITIES &

10 MARKET GROWTH ENABLERS

11 MARKET RESTRAINTS