Shares of Tata Steel, a major player in India's steel industry, have surged 12% in April, nearing their record high. International brokerage Nomura has expressed a positive outlook on the Indian steel sector, emphasizing its resilience amid global challenges such as competition from China and geopolitical tensions affecting energy markets. Nomura believes that major steel producers, particularly those using blast furnaces, are better positioned compared to smaller gas-based Direct Reduced Iron (DRI) producers. The brokerage has maintained its earnings estimates and reiterated 'Buy' ratings on Tata Steel, JSW Steel, Jindal Steel, and Lloyds Metals. Nomura set a target price of ₹220 per share for Tata Steel, suggesting a potential upside of nearly 4% from its last closing price of ₹211.72. Despite a slight correction in Indian steel prices last week, they remain elevated, while China's steel production has notably decreased, impacting trade flows.