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India’s steel demand remains to be optimistic amid headwinds as domestic production is likely to cross 300 million tonnes (MT) by 2030, as per a senior central government official. The ministry also does not foresee any hurdles in the capacity of the addition due to a decarbonisation effort in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 % of total emissions, Steel Secretary Nagaendra Nath Sinha said.
The current demand for steel remains strong, with an infrastructure push from the government and an expected growth of about 10%. The GDP is also growing robustly, and with continued emphasis on infrastructure from both the government and private sectors, steel demand will continue to stay strong, added Sinha while addressing members of the Bharat Chamber of Commerce (BCC).
The finished steel output during 2023-24 was 138.5 MT, up 12.4 % year over year. A CAGR of 12% would be required to achieve 300 MT of installed capacity. BCC president N G Khaitan said steel production was 49.5 MT from January to April 2024, a jump of 8.5%.
The steel makers complain of several headwinds, such as the iron ore shortage, cheap steel imports, and policy shortcomings. The steel makers of eastern India raised serious concerns about iron ore shortages in the sector and suggested several steps to address the 53 MT iron ore shortage in the Indian steel industry.
Sinha said imports in quantity are only 5% of consumption, but there are complaints about hot-rolled coils from Vietnam, which the Directorate General of Trade Remedies, under the Ministry of Commerce and Industry, has taken up. Speaking about the decarbonisation roadmap, Sinha said the government had set up 14 task forces on this, and after inter-ministerial discussions, the report will be released for public feedback soon.
The roadmap focuses on increased hydrogen use in the steel industry and carbon capture, among other things. Sinha stated that the steel ministry has written to the Finance Ministry to support keeping Rashtriya Ispat Nigam Ltd as a "going concern" during times of crisis so it does not lose its valuation.
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