ICRA Limited (ICRA), a credit rating agency in India, anticipated a slowdown in domestic steel consumption in the country to 7-8% in FY2025, following three consecutive years of double-digit growth in steel consumption.

Domestic steel consumption experienced robust growth rates of 11.4% and 13.3% in FY22 and FY23, respectively, with momentum continuing into FY24.

During the first 10 months of FY24, steel consumption is projected to have expanded by a strong 14.5%. ICRA expected the financial year to conclude on a high note, with steel consumption growing by 12-13% year-on-year in FY24 to surpass 120 million tons.