Indian steel exports expected to moderate as global orders dry up: Elara Capital

Elara Capital expects Indian steel exports to moderate as global orders dry up. Weak overseas demand pushes more finished steel back into the domestic market, weighing on local prices and mill margins. For input suppliers the read-through is a market leaning more heavily on domestic consumption to absorb India's rising output — which keeps infrastructure spending and construction activity, rather than export orders, as the numbers to watch. It also raises the stakes on any safeguard action that might shield domestic realisations.