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