India Drives Global Steel Demand
Steel

India Drives Global Steel Demand

India remains the only major economy witnessing robust double-digit growth in steel consumption, registering a 13.5% increase in the first half of FY 2024-25, according to the Ministry of Steel. This strong demand aligns with India's infrastructural ambitions but raises challenges regarding domestic production and imports.

Key Insights on Steel Demand and Production Projected Demand by 2030:

India will require 300 million tonnes of steel production capacity to meet an estimated 265 million tonnes of demand. Current capacity stands at 180 million tonnes, necessitating an additional 120 million tonnes of capacity. Investment needed: $120 billion (?10 lakh crore). National Steel Policy Goal:

Achieve 300 million tonnes capacity by 2030 to avoid dependency on imports. Challenges: Imports and Price Depression Surging Imports:

41.3% increase in steel imports in H1 2024-25 (4.73 million tonnes vs. 3.32 million tonnes in H1 2023-24). Cheaper imported steel threatens domestic price stability, impacting both large and small producers. Domestic Production:

Of the 144.3 million tonnes of steel produced in FY 2023-24: 59.16% by integrated producers. 40.84% by over 1,002 small producers across clusters, highlighting their vulnerability to low-price imports. Quality Assurance and Policy Measures To ensure high standards, the Bureau of Indian Standards (BIS), in collaboration with the Ministry of Steel, has:

Notified 51 BIS Standards covering 1,376 grades of steel. Introduced Quality Control Orders to ensure that domestically produced or imported steel adheres to these standards, preventing low-quality imports. Outlook and Strategic Importance India’s steel demand growth underscores its rapid development trajectory, driven by urbanization and infrastructure projects. However, for sustained growth:

Domestic capacity expansion must be prioritized. Protective policies against price dumping are essential to safeguard small and large producers. Continued quality assurance ensures global competitiveness. India’s trajectory positions it as a critical player in global steel markets, balancing production, consumption, and import regulation.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

India remains the only major economy witnessing robust double-digit growth in steel consumption, registering a 13.5% increase in the first half of FY 2024-25, according to the Ministry of Steel. This strong demand aligns with India's infrastructural ambitions but raises challenges regarding domestic production and imports. Key Insights on Steel Demand and Production Projected Demand by 2030: India will require 300 million tonnes of steel production capacity to meet an estimated 265 million tonnes of demand. Current capacity stands at 180 million tonnes, necessitating an additional 120 million tonnes of capacity. Investment needed: $120 billion (?10 lakh crore). National Steel Policy Goal: Achieve 300 million tonnes capacity by 2030 to avoid dependency on imports. Challenges: Imports and Price Depression Surging Imports: 41.3% increase in steel imports in H1 2024-25 (4.73 million tonnes vs. 3.32 million tonnes in H1 2023-24). Cheaper imported steel threatens domestic price stability, impacting both large and small producers. Domestic Production: Of the 144.3 million tonnes of steel produced in FY 2023-24: 59.16% by integrated producers. 40.84% by over 1,002 small producers across clusters, highlighting their vulnerability to low-price imports. Quality Assurance and Policy Measures To ensure high standards, the Bureau of Indian Standards (BIS), in collaboration with the Ministry of Steel, has: Notified 51 BIS Standards covering 1,376 grades of steel. Introduced Quality Control Orders to ensure that domestically produced or imported steel adheres to these standards, preventing low-quality imports. Outlook and Strategic Importance India’s steel demand growth underscores its rapid development trajectory, driven by urbanization and infrastructure projects. However, for sustained growth: Domestic capacity expansion must be prioritized. Protective policies against price dumping are essential to safeguard small and large producers. Continued quality assurance ensures global competitiveness. India’s trajectory positions it as a critical player in global steel markets, balancing production, consumption, and import regulation.

Next Story
Resources

IGBC Launches 32nd Chapter in Ranchi to Drive Green Building Growth

The CII Indian Green Building Council (IGBC) has launched its 32nd Chapter in Ranchi to accelerate Jharkhand’s transition towards sustainable and resilient urban infrastructure. The launch event, held on September 6 at Radisson Blu Hotel, brought together government officials, industry leaders, and sustainability experts. Sunil Kumar, IAS, Principal Secretary, Urban Development & Housing Department, Government of Jharkhand, said, “The launch of the IGBC Ranchi Chapter marks a significant step in Jharkhand’s urban development journey. The state is committed to creating a policy e..

Next Story
Real Estate

Mindspace REIT Marks Five Years With 14.8 Per Cent Annualised Returns

Mindspace Business Parks REIT, owner and developer of a Grade-A office portfolio, has completed five years since its listing on the Indian bourses in August 2020. Despite debuting during the global pandemic, the REIT has delivered 14.8 per cent annualised total returns, expanded its portfolio, and reinforced occupier trust. Key achievements over five years include: Portfolio expansion of 30 per cent to 31.0 msf through acquisitions and new developments. Gross leasing of 25.2 msf, with occupancy sustained at 93.7 per cent. Cumulative distribution of Rs 55.9 billion to unitho..

Next Story
Real Estate

Great Value Realty Secures RERA Nod for Ultra-Luxury Ekanam Project

Great Value Realty, one of North India’s most trusted developers, has received RERA approval for its flagship ultra-luxury residential project, Ekanam (RERA No. UPRERAPRJ15109/2019). The announcement was made during the Great Partners Meet at Noida. Built on the only available land parcel in Sector 107, Noida, Ekanam embodies the company’s philosophy, “Great is the New Norm,” promising excellence in design, quality, and sustainable community living. With seamless connectivity to Noida Expressway, DND Flyway, metro stations, and proximity to the upcoming Jewar Airport, the project ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?