New Delhi, March 20 -- Brokerage firm Nuvama Institutional Equities anticipates an additional flat steel output of 14-15mt during the fiscal years FY26E and FY27E. India is projected to have a surplus of Hot Rolled Coil (HRC) in FY26E.

The brokerage reported that major steel manufacturers like Tata Steel, JSW Steel, and Jindal Steel & Power have recently begun operations at their HRC plants, which have a combined capacity of approximately 17mtpa, and are currently in the process of ramping up production, alongside increased output from Arcelor Mittal and NMDC Steel.

Consequently, India will need to explore export markets to accommodate the extra volumes, which is only feasible if China curtails its exports, a scenario that could occur i...