New Delhi, [India] May 18 : India has continued to strengthen its position as the world's fastest-growing major steel producer, with crude steel output growth accelerating sharply in March 2026, according to the latest Global Steel: The Steel Market Barometer - May Update report released by Goldman Sachs.
The report highlighted that India's steel sector continues to outperform most major global markets despite mixed trends across the international steel industry.
"In March, India's crude steel production growth accelerated to 11% y/y (vs +10% y/y YTD and +7% y/y in Feb)," the report said.
The strong growth trajectory reinforces India's emergence as a critical demand and production hub in the global steel ecosystem at a time when several major economies are witnessing slowing industrial output and weaker steel demand.
The Goldman Sachs report contrasted India's performance with other regions, noting that "in Japan and the Black Sea, crude steel production declined by 4% y/y and 3% y/y, respectively."
The report further showed that China, the world's largest steel producer, is continuing to face production pressures. According to the report, "China's steel production continued to decline y/y in the first two weeks of May (-3.2% y/y vs the same week in 2025)."
Goldman Sachs also observed that while China's long-term steel capacity reduction strategy remains in place, implementation has slowed this year. The report stated, "The anti-involution effort and long-term capacity cut plan for the Chinese steel sector remain intact; we see delayed execution in 2026E in terms of both capacity and production discipline."
Industry experts believe India's strong infrastructure pipeline, expanding manufacturing activity, and robust domestic consumption are helping sustain steel demand momentum.
The report also pointed to broader global trends in steel pricing and production. While several regions registered price increases in flat and long steel products during April, India remained among the few major economies showing sustained production expansion alongside resilient demand fundamentals.
The findings come as India continues to focus on large-scale infrastructure investments, urbanisation, automobile manufacturing, and renewable energy projects, all of which are expected to support long-term steel consumption growth.
India's consistent growth in crude steel production is increasingly positioning the country as one of the most important drivers of future global steel demand.