This report profiles India’s steel industry, discussing market data and trends into 2015 and beyond. The report also highlights key leading players in the sector including Steel Authority of India Ltd (SAIL), JSW Steel Ltd (JSW) and Tata Steel Ltd. India’s steel industry faced a tough time in the fiscal year ended March 2015. The slowdown in Chinese steel demand caused a global oversupply situation, which led to a decline in the global steel prices. The differential in domestic and global prices triggered an increase in imports; negatively affecting domestic producers and dragging down domestic prices. Lower profitability, excess supply, rising inventories, increased finance costs, losses on foreign exchange and a ban on iron ore mining were among some of the other issues that hurt domestic steel producers in FY15. India’s steel consumption was subdued even in the first half of FY16. Rising imports, difficulty in resource mobilization and global slowdown in steel demand have emerged as the major threats for this sector. However, the outlook for Indian steel industry is stable in the medium-term owing to a low per capita steel consumption and a largely untapped rural market. Key Points: • India’s steel industry saw a period of steady growth during the last decade, backed by development in sectors like construction, real-estate and automobile. Total finished steel production grew at a CAGR of 9% during 2004-14. • Steel Authority of India Limited (SAIL), Tata Steel, Jindal South West Steel (JSW), Rashtriya Ispat Nigam Limited (RINL), Essar Steel, and Jindal Steel & Power Limited (JSPL) are the six leading players in the Indian steel sector. Together, these six players accounted for around 52% of the country’s crude steel production in FY15. • Domestic steel production saw stable growth in FY14, with the production index growing by 7.7%. However, the index recorded subdued growth of 2.6% y/y in FY15. Slug of cheap imports led to an excess supply of steel. The production index further declined in the first half of FY16 due to excess supply and lower demand.