According to GMK Center, India's steel industry is projected to experience its lowest capacity utilization in four years, potentially falling below 80% in 2024/2025 due to a surge in cheap imports. The Indian rating agency ICRA forecasts a decline from 85% in FY2023/2024, as local steelmakers lose market share. Despite maintaining over 80% utilization post-COVID, the influx of low-cost steel has pressured domestic producers. With plans for significant capacity expansion, the industry faces risks if profits do not improve. India remains a net steel importer, primarily sourcing rolled steel from China, which has prompted calls for a 25% safeguard duty on imports.