India’s Steel Sector Hits Steady Growth in FY27 Driven by Robust Domestic Demand and Strategic Expansion

India’s steel industry demonstrated steady momentum from April to July FY27, powered by solid domestic demand across infrastructure, construction, and manufacturing. Finished steel consumption grew 7.8% year-on-year to 55.9 million tonnes (MT), outpacing production gains in crude steel, finished steel, and hot metal. Despite a 35% surge in finished steel exports, a 36.6% rise in imports positioned India as a net importer during this window. Major state-backed players drove corporate gains, highlighted by Steel Authority of India Limited (SAIL) delivering robust Q1 financial results and NMDC recording its highest-ever July production of 4.06 MT. Beyond output metrics, the sector advanced key strategic, defense, and sustainability goals. SAIL boosted indigenous defense capabilities by acquiring technology from DRDO to produce specialized naval steel grades, while also commissioning a waste-recycling micro pellet plant at its Rourkela facility to support green steel initiatives. Concurrently, NMDC initiated talks in Argentina for copper and critical mineral investments to secure vital raw materials. Together, these operational and strategic milestones reinforce India's supply chain resilience and solidify its standing as a global steel manufacturing powerhouse.