The competition between Indian and Chinese steel players could intensify at global level, amid subdued steel demand in China, according to Icra.
In China -- the largest steel consuming country -- steelmakers could brace for an extended period of weak demand as the economy goes through the process of rebalancing of an overheated property market, which was a key growth engine driving the country's steel demand for the last two decades, the ratings agency said in its latest report.
According to Icra, in 2020-21, China emerged as the single-largest importer of steel from India. However, with the Chinese steel demand growth waning in the current fiscal, the share of steel exports to China by Indian mills has plummeted to just 8 per cent in the first half of the ongoing fiscal from 30 per cent in the preceding financial year.