New Delhi, June 8 -- India's steel industry is set for strong growth over the next five years, creating steady demand for key consumables such as ramming mass, according to Choice Institutional Equities.

The brokerage said, "India's crude steel production is expected to increase from 168.4 MnT in FY26 to 255 MnT by FY31, with the induction furnace (IF) route remaining a key contributor to growth."

As production through induction furnaces rises from 45.8 MnT to 69.4 MnT, demand for ramming mass, used to line furnaces, is expected to grow alongside steel output. Unlike steelmakers, whose profits are affected by raw material price swings, refractory suppliers benefit from recurring, volume-driven demand.

Choice highlighted three major tre...