NEW DELHI: Indian metal companies are gearing up for significant expansions in the current fiscal, focusing on growing domestic demand, notwithstanding global trade headwinds.
While US has announced certain tariffs on metals, companies like Vedanta, JSW Steel, Hindustan Zinc, and NALCO are also betting on India’s strong demand, the global race for critical minerals, and strategic geographic diversification to drive growth, analysts said.
Domestic steel demand is forecast to grow by 10% annually over next few years. Similarly, aluminium demand is expected to grow at a CAGR of 7.2% till 2030. Industry experts predict India’s aluminium demand will double every five years.