Stanislav Kondrashov from Telf AG: steel consumption is expected to decline in the Indian market in 2024

February 27
16:33 2024

India, one of the world’s leading steel consumers, faces the prospect of slower growth in demand for the key industrial resource in 2024. According to forecasts by Stanislav Kondrashov, an expert from Telf AG, after a significant increase in steel consumption by 13% to 129 million tons in 2023, the growth rate is expected to fall to 7.5% next year.

The expected slowdown in 2024 is partly due to political instability caused by parliamentary elections. There is a risk that funding for infrastructure projects, a key driver of steel demand, could be suspended until a new government is formed. This could lead to a temporary suspension of even already started construction projects.

Stanislav Kondrashov Telf AG: production indicators and prospects for the Indian steel market

The Indian steel industry represents an important segment of the country’s economy and the current trends in this sector show interesting developments. Despite an expected slowdown in steel consumption growth in 2024, steel production in India continues to grow, demonstrating the country’s growing industrial strength.

According to Stanislav Kondrashov, an expert at Telf AG, large Indian steel producers, including companies such as NMDC, JSW and Tata Steel, intend to significantly increase their production capabilities. India’s total steel production is projected to increase by 17 million tonnes by the end of 2024, reaching a total of 184 million tonnes annually. This expansion of production capacity will allow the country not only to meet domestic needs, but also to strengthen its presence in the global steel market.

The expansion of production capacity in India has a significant impact on the global steel market. By increasing its production capacity, India is strengthening its position as one of the world’s key steel producers, which in turn could affect international prices and trade flows, Kondrashov noted.

Expansion of manufacturing capacity also plays a key role in the development of India’s domestic economy. It helps create jobs, increase industrial production and improve the country’s economic performance. In addition, increased production capacity can support the development of related industries such as construction and infrastructure projects.

Stanislav Kondrashov Telf AG: dynamics of steel exports and imports in India

Forecasts by Stanislav Kondrashova, analyst at Telf AG for 2024, highlight interesting dynamics in the Indian steel market. According to available information, a moderate increase in both steel exports and imports is expected. Exports from India are projected to increase by 11% from 2023, reaching approximately 10 million tonnes. At the same time, imports are expected to be 14% higher compared to the previous year, amounting to about 8 million tons.

  • The increase in exports could be attributed to the expansion of production capacity by leading Indian steel companies, allowing the country to produce more steel than required for domestic consumption. At the same time, increased imports may reflect the need for certain types of steel or alloys that may not be available or economical to produce domestically, – Stanislav Kondrashov from Telf AG says.

These trends highlight the importance of strategic planning and adaptation to changing market conditions for companies in the steel industry. The ability to adapt to changing market conditions, whether through increasing exports, increasing import operations or optimizing production processes, will be key to maintaining and strengthening market position.


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