9,367.77 TRY BIST 100 BIST 100
4.79 CNY CNY CNY
34.53 USD USD USD
36.05 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.35 TRY Interest Interest
74.24 USD Fossil Oil Fossil Oil
30.90 USD Silver Silver
4.09 USD Copper Copper
100.80 USD Iron Ore Iron Ore
365.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,982.57 TRY Gold (gr) Gold (gr)

India's steel demand is expected to experience significant growth within the decade

India’s steel demand is expected to grow at a compound annual growth rate (CAGR) of 5 to 7.3 percent over the next decade, potentially reaching 221-275 million tonnes by FY34, driven by continued investment across various sectors.

India's steel demand is expected to experience significant growth within the decade

Government infrastructure spending is expected to be a major growth driver in the coming decade. The development of 11 industrial corridors, encompassing 32 projects in four phases under the PM Gatishakti National Master Plan, is identified as a significant factor for increased steel consumption.

From FY14 to FY24, India's finished steel consumption grew at a CAGR of 5.67 percent, reaching 136 million tonnes in FY24. This represents over 14 percent year-on-year growth, fueled by ongoing development projects and increased government expenditure across various sectors.

The steel industry is particularly vital to Telangana's economy. The state saw a 15.75 percent year-on-year increase in steel consumption, rising from 4.730 million tonnes in FY22 to 5.475 million tonnes in FY23, surpassing the national growth rate. Telangana’s per capita steel consumption was 156.43 kg in FY23, significantly higher than the national average of 93.4 kg, highlighting the state's strong industrial activity and its importance in driving future economic growth.

Additionally, the report notes that the growing electric vehicle market in Tamil Nadu will boost demand for electrical steel, while the expanding food processing industry will increase the need for stainless steel.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Erdemir's Şanlıurfa SPP project canceled

Friday, November 22, 2024

South Korea's crude steel production decreased by 18.3% in October

Friday, November 22, 2024

SSAB and Saint-Gobain's slag reprocessing plant in Raahe progresses

Friday, November 22, 2024

US Steel Producer partners with Primetals Technologies for EAF Ultimate

Friday, November 22, 2024

Imported scrap prices on the decline, demand stagnant!

Friday, November 22, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now