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Indian steel production will increase 500 million tons in 2047 year

While India is one of the world's largest steel producing countries, it also aims to become the world's largest steel exporter. Within the scope of this target, it plans to increase its production capacity to 500 million tons per year.

Indian steel production will increase 500 million tons in 2047 year

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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