Page 10 - Construction Vision Dec-Jan 2024 Issue

INDIA'S STEEL DEMAND TO TOUCH 190 MT-MARK IN 2030
PRODUCTION TO REACH 210 MT

ndia's steel demand is expected to urbanisation, various government In times to come, India will emerge as the
grow at a CAGR of 7 per cent to initiatives will be its key drivers. largest importer of sea-borne met coal,
Itouch 190 Million Tonne (MT) level by which has a market share of 30 per cent,
2030, according to a report by SteelMint The demand is expected to touch 120 it said, adding that the country will require
India. The demand will be largely fuelled MT mark by 2023-end, and production around 350 MT of iron ore by 2030.
by construction and infrastructure will be at 136 MT, as per the report.
sectors, which contribute 60-65 per cent The year 2030 is significant for the
India's crude steel production is expected
to the demand, the market research firm domestic steel industry as the
to be at 210 MT by 2030, 45 per cent
said. government has set an ambitious target
higher from production levels of 2023.
to increase India's installed steel making
In 2030, India's steel demand is
capacity to 300 MT.
projected to reach 190 MT based on a 7 Many countries, including China, will
per cent Compound Annual Growth Rate show a fall in steel production as
With approximately 80 MT of steel
(CAGR). compared to their current production
production capacity to be added in India
levels, the report said.
"In the best case scenario, it can also by 2030, 66 per cent will be through the
reach 230 MT by 2030," the report titled Blast Furnace-Basic Oxygen Furnace
On raw material demand scenario,
'India's Steel and Coking Coal Demand (BF-BOF) route.
SteelMint said India's steel production
2030' stated.
growth via the Blast Oxygen Furnace
Currently, BOF and Electric Arc Furnace
The demand will also be pushed by (BOF) route, aiming for 140 MT of hot
(EAF) contribute 46 per cent and 54 per
sectors like auto and engineering, and metal output in 2030, will require 116 MT
cent, respectively, to the steel production
factors like population growth, growing of metallurgical coal. in India.

CONSTRUCTION VISION 8 DECEMBER-JANUARY 2024