Domestic completed steel utilization has enlisted a development of 13% to 136 million tons during 2023-24, upheld by expanded need from automotive and infrastructure areas, SteelMint India added.
As per the research firm, the nation utilized 120 million tons (MT) of completed steel in the preceding 2022-23 monetary year.
"Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects," SteelMint said.
The nation's crude steel production increased 12.6 percent to 143 MT, more than 127 MT in the past fiscal year. This advancement is important as, under the National Steel Policy, the public authority is planning to expand India's yearly steel manufacturing ability to 300 MT and per capita steel utilization to 160 kg by 2030.
The utilization of completed steel rose 6% to 33 MT in the January-March time of FY24 from 31 MT in the year-prior period, according to the SteelMint data. The manufacturing of crude steel was 37 MT during the quarter, 12.1 percent over 33 MT in the year-prior quarter. The homegrown Steel Market size is valued at 135.81 Million tons in 2024 and is anticipated to reach 209.93 Million tons by 2029, with a compound annual growth rate of 9.18% (2024-2029).
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