Recovery gap

While cross-border frictions continue to weigh on export momentum, the domestic market remains the industry’s primary engine of recovery. In 10MFY26, total offtake rose 10%, driven by a 12% surge in local dispatches, while exports grew a slower 4% and saw their share ease. Average monthly domestic demand has climbed to 3.48 million tons, reinforcing the rebound from last year’s lows. Despite this improvement, capacity utilization has only edged up to 59%—well below FY21 peaks.