India's steel consumption to grow in 2022 but slow down in FY 2023-24
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Update time : 2022-12-27 17:35:47
Credit Rating Agency ICRA said that India's steel consumption in 2022 was expected to grow by 8% year on year, close to the 7-8% growth forecast for the fiscal year 2022-23.
However, ICRA said that the road ahead for domestic steel companies is bumpier as rising inflation, energy prices, and interest rates make the external environment more challenging.
It said domestic steel consumption growth could slow down to 6-7% in the fiscal year 2023-24 due to expectations of a slowdown in economic activity in the coming quarters.
