In 2023, the import of angles, shapes, and sections of iron or non-alloy steel to India was valued at approximately 22.8 million USD. The forecast for 2024 suggests a decrease to 21.263 million USD, continuing a downward trend through 2028, with the value projected at 14.63 million USD. This represents a year-on-year decrease of 8% in 2025, 8.6% in 2026, 9.2% in 2027, and 9.9% in 2028. Over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is expected to be approximately -8.7% annually.
Future trends to watch for include:
- India's increasing focus on domestic steel production, possibly reducing dependence on imports.
- Government policies promoting domestic manufacturing under the "Make in India" initiative.
- Potential economic fluctuations affecting construction and infrastructure development, impacting demand.
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