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India's steel consumption reaches 136 million tons

In the fiscal year 2023-24, domestic consumption of finished steel saw a significant growth of 13%, reaching 136 million tonnes.

India's steel consumption reaches 136 million tons

This surge was primarily driven by increased demand from the automotive and infrastructure sectors. In the preceding fiscal year of 2022-23, the country had consumed 120 million tonnes of finished steel.

Improved demand in the automotive industry was observed during FY24, particularly with a growing focus on electric vehicles (EVs). In addition, the infrastructure and construction sectors have been supported by investments, particularly government-backed development projects.

The production of crude steel in the country also witnessed a notable increase of 12.6%, reaching 143 million tonnes compared to 127 million tonnes in the previous fiscal year. This growth aligns with the objectives outlined in the National Steel Policy, which aims to increase India's annual steel manufacturing capacity to 300 million tonnes and per capita steel consumption to 160 kilograms by 2030.

Finished steel consumption rose by 6% to 33 million tonnes in the January-March period of FY24, up from 31 million tonnes in the same period of the previous year. Crude steel production during the quarter amounted to 37 million tonnes, marking a 12.1% increase from the 33 million tonnes produced in the corresponding quarter of the previous year.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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