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India's demand for green steel is set to reach 4.49 million tonnes by FY2030, according to a new EY‑Parthenon report in collaboration with WWF‑India and CII-GBC. The construction sector will lead consumption with 2.52 Mt, followed by infrastructure (1.5 Mt) and automotive (0.48 Mt).
Driven by decarbonization goals and sustainable growth, demand is projected to rise significantly—24.9 Mt by FY2035, 73.4 Mt by FY2040, and 179 Mt by FY2050.
Currently, green steel carries a premium of around US $210 per tonne, adding up to 5.2% to infrastructure project costs. However, this premium is expected to drop to US $7/t by 2030, reducing the cost impact to below 1% by FY35–40, thanks to advancements in green hydrogen and scaling production.
The report warns that without emission reductions, Indian exporters could face carbon taxes up to ₹19,277 crore by 2030 under the EU’s Carbon Border Adjustment Mechanism (CBAM).
To accelerate adoption, the report recommends investment in hydrogen-based DRI, electric arc furnaces, and public procurement policies favoring green steel, backed by government incentives.
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