InvoiceCloud strengthens global innovation hub in India with ₹350 cr
The digital billing and payments company will use the investment to expand teams, infrastructure, AI initiatives and product development at its India innovation hub
India's steel market has outperformed global trends, with domestic prices rising sharply despite weak overseas markets. This divergence stems from India's demand-driven growth, driven by infrastructure spending, manufacturing expansion, construction, and higher production costs, while global markets grapple with excess supply and weak demand, especially from China.
Unlike 2021-22, the current rise is primarily fueled by domestic factors like infrastructure projects, initiatives such as Make in India and PLI schemes, and higher steel costs. India's demand outpaces its growing capacity, maintaining healthy utilization rates. While China's property sector slowdown and low housing starts contribute to weak international prices, China's continued high production and exports exacerbate the situation.
Other major producers, such as Japan, South Korea, and Europe, also supply substantial steel to the global market. However, India's robust domestic consumption, supported by ongoing infrastructure and industrial development, is expected to sustain its steel market's strength in the coming years.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Why India's steel demand is defying global weakness economictimes.indiatimes.com
