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Domestic finished steel consumption is expected to expand by 13% to 136 million tonnes (MT) in 2023-24, driven by higher demand from the automotive and infrastructure industries, according to SteelMint India. According to a survey by the research firm, India used 120 MT of finished steel in the fiscal year that ended in 2022–2023.
"Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects," SteelMint said.
Crude steel production in the country increased 12.6% to 143 MT, up from 127 MT the previous fiscal year.
The development is significant since, under the National Steel Policy, the government intends to boost India's annual steel manufacturing capacity to 300 MT and per capita steel consumption to 160 kg by 2030.
As per the SteelMint data, the consumption of finished steel rose 6% to 33 MT in the January-March period of FY24 from 31 MT in the year-ago period. The production of crude steel was 37 MT during the quarter, 12.1% more than 33 MT in the year-ago quarter.
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