‘India among fastest growing steel markets’

India remained among the world’s fastest-growing steel markets as crude steel production growth accelerated to 11% year-on-year in March, according to a report by Goldman Sachs. 

 The report said India’s growth outpaced February’s 7% rise and reflected strong domestic demand momentum.Globally, steel prices strengthened across key markets during April and early May, led by Brazil, Japan and China. Hot rolled coil prices rose sharply, while long steel products such as rebar also recorded gains across major regions.   

The report noted that China’s steel production remained under pressure, declining 3.2% year-on-year in early May amid delayed implementation of capacity cuts and production discipline measures.

Meanwhile, the US and Europe witnessed moderate improvement in steel output and utilisation rates.

Goldman Sachs also highlighted that China’s infrastructure investment remained resilient despite continued weakness in the property sector, helping support overall steel demand globally.