India steel outlook gains specialty push and emissions focus
India’s share of global steel production rose from 5.2% in 2014 to nearly 9%, with output up 10% to 165 million tonnes in 2025. OI Charts data showed long build-up in JSW Steel futures and short build-up in Tata Steel futures.
pre-market2 sources ↓machine-written, see hownot a recommendation
- JSWSTEEL close
- ₹1,173
- On the day
- +0.43%
- Futures OI, long build-up
- +0.8%
- Put-call ratio
- 0.73
- Max pain
- ₹1,220
India’s steel outlook gained a broader growth dimension after Finance Minister Nirmala Sitharaman said the country is emerging as a major driver of global steel demand despite weaker worldwide production. Speaking at the World Steel Association General Assembly on 12 Oct 2026, she cited rising output, domestic consumption and infrastructure investment as the main supports for the sector. India’s share of global steel production has increased from 5.2% in 2014 to nearly 9%.
Crude steel output rose 10% to 165 million tonnes in 2025, while production increased another 6% during January–August 2026 even as global output declined. Finished steel consumption reached 164 million tonnes in 2025–26, and per-capita consumption stood at around 109 kg, compared with the global average of 209 kg. The gap indicates additional room for infrastructure, construction and manufacturing demand 🏗️.
The policy message also focused on product quality and emissions. Sitharaman urged domestic producers to reduce carbon emissions and expand specialty and high-grade steel production. The government’s ₹6,300 cr PLI scheme is intended to support manufacturing investment and technology upgrades while reducing reliance on imports. The wider ₹12.2 lakh cr capex programme remains an important demand channel for infrastructure-linked steel ⚙️.
For steelmakers, the emphasis on specialty products means growth depends not only on higher volumes but also on process upgrades, technology and domestic value addition. OI Charts data for 12 Oct 2026 showed mixed derivatives positioning. JSW Steel closed at ₹1,173, up 0.4% on the day but down 10.1% over 20 sessions. Its futures open interest rose 0.8% in a long build-up, with the largest put open interest at ₹1,180, the largest call open interest at ₹1,260 and max pain at ₹1,220 for the 27 Oct expiry. Tata Steel closed at ₹172.24, down 0.9% and 7.8% over 20 sessions. Its futures open interest rose 0.4% in a short build-up, with the largest put open interest at ₹190, the largest call open interest at ₹200 and max pain at ₹180.
Investors will next track monthly steel output, domestic consumption, project awards under the capex programme, implementation of the specialty-steel PLI and emissions-related measures. The 27 Oct 2026 derivatives expiry will also show whether the current positioning changes
Source: Zee Business and Livemint, 12 Oct 2026
Not investment advice. For informational purposes only.