International brokerages Jefferies and Goldman Sachs have expressed strong bullish sentiments towards the Indian steel sector, particularly for companies like JSW Steel and Tata Steel. Jefferies noted that India's steel prices have surged by 20% this year, significantly outpacing a 10% increase in China's export prices. This price rise is attributed to a 12% safeguard duty implemented in December 2025 and a reduction in China's steel production and exports, which fell by 9% year-on-year in early 2026. Jefferies anticipates that if Indian steel prices stabilize around ₹55,500-56,000 in FY27-28, JSW Steel and Tata Steel could see an impressive 30-45% growth in EBITDA. In contrast, Goldman Sachs highlighted India's unique position as the only major country that both produces and consumes iron ore, providing a structural cost advantage. They forecast a 6.8% CAGR in domestic steel consumption through FY32, despite a moderation from previous years' growth rates. Goldman Sachs has a 'Buy' rating on JSW Steel, with a target price of ₹1,490, reflecting a nearly 19% upside from its recent trading price. Overall, the steel sector in India appears to be on a growth trajectory, driven by favorable market conditions and competitive advantages.