Overview
- ICRA projects about 8% steel demand growth in FY26, translating to roughly 11–12 million tonnes of incremental consumption.
- Elara Capital says exports surged 83% in October to 0.73 million tonnes, then new overseas orders largely stopped for December.
- Domestic hot‑rolled coil prices fell to roughly Rs 46,000–46,750 per tonne in November, signaling persistent supply pressure.
- Coking coal costs from Australia rose about 7%, which, alongside weaker prices, is expected to compress third‑quarter profitability.
- ICRA forecasts industry operating margins near 12.5% in FY26 and warns planned 80–85 mt of capacity additions ($45–50 billion) face execution risk.