India's steel demand set to surge nearly 8% in 2026, leading global growth

Worldsteel’s October 2026 Short Range Outlook identifies India as the world’s quickest-growing major steel market, with demand projected to rise 7.9% in 2026 to 172.4 million tonnes and to increase another 8% in 2027. The report expects global steel demand to remain essentially unchanged in 2026 before returning to modest growth in 2027, while China’s consumption is forecast to decline by 2% in 2026 and only narrow its contraction to 1% the next year.

India’s expansion is underpinned by infrastructure-led construction, strong private real-estate activity, a sizable renewable-energy pipeline, and rising output in electrical, mechanical and automotive sectors. The outlook also anticipates a rebound in Gulf steel demand once regional shipping uncertainties ease. Regional forecasts show the United States modestly increasing demand and the European Union slightly contracting before modest growth resumes.