Construction Industry News
According to a report by SteelMint India, India's steel demand is expected to grow at a CAGR of 7 percent and reach 190 million tonnes (MT) by 2030. Demand will be largely driven by sectors construction and infrastructure, which contribute between 60 and 65 percent of demand, the market research firm said. By 2030, India's steel demand is expected to reach 190 tonnes at a compound annual growth rate (CAGR) of 7 per cent. “In the best case scenario, it could also reach 230 tonnes in 2030,” notes the report titled 'India's Steel and Coking Coal Demand in 2030'.
Demand will also be driven by sectors such as automobile and engineering, with factors such as population growth, increasing urbanization and various government initiatives being the key drivers. Demand is expected to reach 120 tons by the end of 2023 and production will reach 136 tons, according to the report. India's crude steel production is expected to reach 210 tonnes in 2030, up 45 percent from 2023 production levels.
Many countries, including China, will show a decline in steel production compared to their current production levels, according to the report. Regarding the raw materials demand scenario, SteelMint said that growing India's steel production through the blast furnace (BOF) route, aiming to produce 140 tonnes of pig iron by 2030, will require 116 tons of metallurgical coal. In the near future, India will emerge as the largest importer of marine coal, with a market share of 30 per cent, he said, adding that the country will need around 350 tonnes of iron ore by 2030.
The year 2030 is important for the domestic steel industry as the government has set an ambitious target of increasing the installed steel production capacity in India to 300 tonnes. With around 80 tonnes of steel production capacity to be added in India by 2030, 66 per cent will be through the Blast Furnace-Basic Oxygen Furnace (BF-BOF) route. Currently, BOF and Electric Arc Furnace (EAF) contribute 46 per cent and 54 per cent respectively to India's steel production.
6009
11999
2000
2500
649
1150
628
1699
489
699
576
1000
2592
4099
19720
31551
4399
6199
399
699
4749
9499
2892
3700
168
250
2270
7899
