According to SteelMint India, domestic finished steel consumption increased by 13% to 136 million tonnes in 2023–2024, driven by rising demand from the infrastructure and automotive sectors. According to a report by the research firm, the nation used 120 million tonnes (MT) of finished steel in the fiscal year that preceded 2022–2023. Demand from the automotive industry increased in FY24, as the focus shifted to EVs. The construction and infrastructure sectors, which are primarily financed by government development projects, have also demonstrated resilience with investments, according to SteelMint.
The nation produced 143 MT of crude steel, up 12.6% from 127 MT in the previous fiscal year. The development is significant because, by 2030, the government wants to raise India's annual steel manufacturing capacity to 300 MT and its per capita steel consumption to 160 kg, both of which are goals outlined in the National Steel Policy.
According to SteelMint data, the amount of finished steel consumed increased by 6% from 31 MT to 33 MT during the January–March period of FY24. 37 MT of crude steel were produced during the quarter, 12.1% more than 33 MT produced in the same period last year. Tradologie.com is the world’s first digital trade hub through which one can buy branded construction commodities in bulk such as to Buy Steel In Bulk , cement, plywood, etc., directly from manufacturers and brands at the best price and assured qualities.
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