Nomura bullish on India steel sector on China production cuts, strong domestic demand
Nomura reiterates bullish stance on India's steel sector citing sustained domestic, global tailwinds
Notes China's anti-involution policies to cut production 9% y/y in rest of 2025
China, the world's largest producer of crude steel, has been dumping cheaper exports to countries, including India, denting prices in these countries
While demand remains tepid in China and exports still remain at record levels, aggressive production cuts should provide some support - Nomura
Brokerage says decline has curtailed pressures, provided support to local producers
Adds, robust consumption, restricted imports and improving price dynamics will likely boost India's steel industry
Maintans "buy" and raises PT for JSW Steel JSTL.NS to 1,300 rupees from 1,220 rupees and Jindal Steel JINT.NS to 1,150 rupees from 1,080 rupees
YTD, Nifty Metal Index .NIFTYMETAL up 16% vs JSW 25% rise vs JINT 11% rise
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