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India's Steel Demand Surge Expected to Persist, Anticipated Growth of 10% Over Coming Years

Published Date: May 14, 2024

Over the next five years, the government's emphasis on infrastructure is likely to support a 10% growth in domestic steel demand, according to Steel Secretary Nagendra Nath Sinha's statement on Wednesday. Speaking at the national capital's "CII Conference on Future Ready and Green Manufacturing," the official made the following is a next-generation, globally verified, transaction-oriented SaaS platform for B2B commodity sales and procurement that connects bulk buyers and bulk sellers of commodities and facilitates operations for them.

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Indian Steel Demand Soars Amid Infrastructure Push

He predicted double-digit growth in domestic steel consumption due to the government's emphasis on infrastructure. The demand increased in the fiscal year 2023–24 by 13–14% on an annual basis. In the future, it will increase by 10% more, according to Sinha. Approximately 145 million tonnes (MnT) of crude steel were produced in the 2023–24 fiscal year, compared to 127 MnT in the previous fiscal year, according to government figures. In 2023–24, consumption was 136 million t, compared to 120 million t in 2022–2023 fiscal year.

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