Sanjay Mehta, president of the Process Industries Association of India, said: "The next 15-20 years is a growth story for India. The demand for steel scrap in the country is growing. In fiscal 2022, India imported 4-5 million tons of scrap, and in 2023, imports will rise to 8-9 million tons and in 2024 to 11-12 million tons. The figure will continue to increase going forward. All countries will try to protect exports of this raw material. However, this puts the future of scrap trade at a standstill.
In 2022 compared to the same period last year there was a 43% reduction in exports from India. The main reason was the introduction of export duties of 15% and a significant decline in demand in the domestic market.
However, steel demand in India will increase to 7.3% in 2023 and to 6.2% in 2024 according to the forecast of Indian Steel Association.
India plans to produce around 300 million tons of steel products to 2033, and reach 500 million tons to 2047 year.
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