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New Delhi: India has witnessed substantial growth in domestic finished steel consumption, rising by 13 percent to 136 million tons during the fiscal year 2023-24, according to SteelMint. The surge has been attributed to increased demand from key sectors such as the automotive industry and infrastructure.
SteelMint, headquartered in Chattisgarh, provides intelligence on the iron and steel industry. The country's consumption, which stood at 120 million tons in the previous fiscal year, underscores the resilience of these sectors amidst evolving market dynamics. Concurrently, crude steel production witnessed a notable uptick, climbing by 12.6 percent to reach 143 million tons compared to 127 million tons in the preceding fiscal year.
This surge assumes significance in alignment with the government's targets outlined in the National Steel Policy, aiming to bolster annual steel manufacturing capacity to 300 million tons and per capita steel consumption to 160 kg by 2030.
SteelMint data also showed a 6 percent increase in finished steel consumption during the January-March period of FY24, reaching 33 million tons from 31 million tons previously.
Correspondingly, crude steel production during the same quarter saw a growth of 12.1 percent, reaching 37 million tons compared to 33 million tons in the corresponding period of the previous year.
