Steel demand to normalise in October: Jindal Steel chairman Naveen Jindal

NEW DELHI: Steel demand in India will normalise from Oct and is set to grow at double digit rates in the second half of this year after a slowdown during monsoon, Indian Steel Association (ISA) president and Jindal Steel chairman Naveen Jindal said on Monday. He also said recent announcement of a reduction in GST (goods and services tax) on cement to 18% will help boost steel demand since both are used together in construction. He added that lower taxes on automobiles and other goods are expected to lift downstream demand for steel.At the ISA Steel Conclave, Jindal said that 55-60% of steel consumption typically occurs in the second half of the year, with construction activity picking up as rains recede.“Demand so far this year has grown around 7-8%. From the second half of this year, we expect it to pick up and grow in double digits,” Jindal said, adding that India’s steel output was largely geared to domestic consumption. India produced over 151 million tonnes of steel in FY25, with capacity around 200 MT and a target of 300 MT capacity by 2030 has been set by the government.