India’s Steel Demand to Soar, Forecasted at 190 MT by 2030

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India’s steel demand, projected to hit 190 MT by 2030 at a 7% CAGR, is driven by construction and infrastructure (60-65% of demand), says SteelMint India. Forecasts even envision a surge to 230 MT.

Factors like urbanization, population growth, and government initiatives propel this demand, backed by automotive and engineering sectors. By 2023, demand may reach 120 MT, with production at 136 MT.

India eyes a 210 MT crude steel output by 2030, a 45% jump. In contrast, some countries, like China, might witness production declines.

SteelMint forecasts increased steel production via the Blast Oxygen Furnace route, aiming for 140 MT by 2030, requiring 116 MT of metallurgical coal. India may become the top importer of sea-borne metallurgical coal (30% market share) and need 350 MT of iron ore by 2030.

Government targets include a 300 MT steel-making capacity by 2030, adding 80 MT, with 66% via the BF-BOF route. Currently, BOF and EAF contribute 46% and 54%, respectively, to India’s steel production.