India's steel demand set to hit 190 MT by 2030

28 Nov 2023 CW Team

It is anticipated that India's steel demand will experience a Compound Annual Growth Rate (CAGR) of 7%, reaching the 190 Million Tonne (MT) level by 2030. The primary drivers for this demand are expected to be the construction and infrastructure sectors, contributing 60-65% to the overall demand, as stated by the market research firm. The report titled 'India?s Steel and Coking Coal Demand 2030' predicts that by 2030, India's steel demand is expected to touch 190 MT based on a 7% CAGR, and in an optimistic scenario, it could even reach 230 MT.

The demand surge will also be attributed to sectors such as auto and engineering, with key contributing factors being population growth, increasing urbanization, and various government initiatives. The report forecasts that by the end of 2023, the demand is likely to reach the 120 MT mark, while production is expected to be at 136 MT. The report further projects that India's crude steel production will reach 210 MT by 2030, representing a 45% increase from the production levels of 2023.

In contrast to India, the report suggests that several countries, including China, will witness a decline in steel production compared to their current levels. Addressing the raw material demand, for India to achieve its steel production growth target through the Blast Oxygen Furnace (BOF) route, aiming for 140 MT of hot metal output in 2030, it will require 116 MT of metallurgical coal. The report predicts that in the future, India will emerge as the largest importer of sea-borne metallurgical coal, holding a market share of 30%. Additionally, it is estimated that by 2030, the country will need around 350 MT of iron ore.

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