on Friday said it expects to remain under pressure in the country over the near future as the prices in the domestic market cannot be cushioned from the global trends.

The rating agency also expects the steel demand in the domestic market to grow at 7-8 per cent in the current financial year, making the country the fastest-growing large steel markets globally this year.

“We expect domestic to remain under pressure over the near term, since domestic cannot be insulated from the trends emerging in global steel markets,” Senior Vice-President & Group Head, Corporate Sector Jayanta Roy said.

Domestic steel mills face a tough time ahead as the external environment is becoming more and more challenging in key global consumption markets.

The steel demand in China, which accounted for 52 per cent of the global demand in 2021, is witnessing a decline as the economy prepares for the combined impact of the property bubble, strict zero Covid lockdowns, and a severe ongoing heatwave.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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