Indian steel market stagnation worsens in Nov-25, outlook remains gloomy.

Indian steel market stagnation deepened in November 2025, and the near-term outlook remains gloomy. Slack demand and soft prices are keeping mills cautious on production plans and hand-to-mouth on inputs, a hesitancy that echoes through ferro alloy and ore markets alike. A turn most likely waits on a construction pickup and clearer government capex flows into projects on the ground. Until then, suppliers face a market defined by discipline: real demand exists, but nobody is paying up ahead of it.