India Steel Demand to Hit 160 Million Tonnes by FY25

SEATTLE (Scrap Monster): According to Union Steel Minister Ram Chandra Prasad Singh, the Indian domestic steel consumption is expected to touch 160 million tonnes (Mt) by the financial year 2024-’25.

The remarks were made while addressing a meeting of the Consultative Committee of the Members of Parliament for the Ministry of Steel held yesterday in Gujarat. The meeting was attended by parliamentarians along with senior ministry officials.

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The government has been making continuous efforts to boost the steel production capacity and demand in the country. The recently announced Gati Shakti Master Plan by the government will complement the INR 100 crore infrastructure development investment plan over the next five years. This is expected to provide significant boost to steel consumption in the country, the Minister noted.

The finished steel consumption had totalled 96.2 Mt in FY21. The consumption is expected to reach 160 Mt by FY25 and 250 Mt by FY31. The country is currently the second largest producer and consumer of steel in the world. The construction and infrastructure sectors will continue to remain as the key drivers of increased steel consumption. Incidentally, the revival of these sectors from Covid-19 is expected to benefit the domestic steel industry the most.