New Delhi, Oct. 19 -- India's steel consumption is expected to grow 7 per cent year-on-year to 175.8 million tonnes in FY27, but further price increases may be limited as domestic prices approach the safeguard-duty threshold and the risk of higher imports rises, according to a report by Equirus Securities.

"We expect steel consumption to grow 7% yoy to 175.8mt in FY27E, implying 6.5% yoy growth in 2HFY27E," the report said.

The report noted that steel demand remained resilient even as domestic production growth lagged consumption. While supply constraints helped push up prices in August and September, the brokerage expects capacity increases to support production in the second half of the financial year, limiting further price gains.

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