# Goldman Sachs has initiated coverage of Indian metal (steel) stocks.

*business · news · 2026-04-27 · Business Standard*

## Key points

- Goldman Sachs initiated coverage on Indian steel stocks, naming JSW Steel and Shyam Metalics as top picks.
- India is now the main driver of global steel demand growth as China's dominance fades.
- Indian steel producers enjoy structural cost advantages, with domestic iron ore priced 25-35% below global levels.
- Goldman projects India's steel consumption will nearly double to 212 million tonnes by FY32, a 6.8% CAGR.
- Government policies and safeguard duties until FY28 are expected to support domestic steel pricing and utilization.

**Companies:** Tata Steel, JSW Steel, Jindal Steel, Shyam Metalics
**Countries:** India

[Read the full story on Business Standard](https://www.business-standard.com/markets/news/goldman-sachs-india-metals-bullish-steel-demand-jsw-steel-shyam-metalics-tata-steel-jindal-steel-nmdc-stock-picks-126042700433_1.html)

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