WebinarsNew
Deep DiveNew
Explore Business Standard
Steel Industry
The draft steel policy seeks to put in place an AI-powered governance framework and advanced data analytics to ensure early detection of abnormal import trends and boost the competitiveness of the domestic steel industry. According to the draft National Steel Policy Vision 2047, a three-pronged strategy centred around quality assurance, fair trade and domestic capability should be adopted to reduce avoidable import dependence, strengthen India's steel ecosystem and enhance the competitiveness, resilience and long-term growth of both the steel industry and downstream manufacturing sectors. The proposed policy seeks to build a roadmap for the Indian steel industry until 2047. The government has proposed a new policy as the earlier National Steel Policy 2017 needed a relook considering the current challenges and requirements of the steel sector. Emerging priorities like artificial intelligence, machine learning and technical upgrades require greater focus. Besides scaling up the ...
India remains the world's fastest-growing major steel market, with demand projected to expand by 7.9 per cent to 172.4 million tonnes in 2026, the World Steel Association (worldsteel) said on Monday. The country's demand is expected to rise by 8 per cent in 2027 to 186.2 million tonnes (MT), the industry body said in its 'Short Range Outlook October 2026'. worldsteel said it forecasts global steel demand will remain essentially unchanged at 1,722 MT in 2026 before returning to 1.7 per cent growth in 2027 to reach 1,752 MT. However, steel demand in China - the world's largest steel-producing nation - is likely to drop by 2 per cent in 2026. In 2027, contraction in China is also expected to narrow to 1 per cent, the Belgium-based industry body said. India remains the world's fastest-growing major steel market, with demand estimated to expand by 7.9 per cent in 2026 to 172.4 MT and by 8 per cent in 2027 to 186.2 per cent. Growth continues to be broad-based. Infrastructure-led ...
The government has released a new steel policy to boost India's crude steel capacity to 604 million tonnes by 2047, enhance industry competitiveness and address key import challenges. According to the draft National Steel Policy 2047, finished steel demand will rise to 505 MT by 2047, per capita consumption to 302 kg and steel exports to 45 MT. Raw materials account for around 65-70 per cent of steelmaking costs. While India is largely self-sufficient in iron ore, it imports nearly 92 per cent of its coking coal requirement. The policy seeks to reduce import dependence through domestic mining, washery expansion, asset acquisition, long-term supply arrangements, and AI-based optimisation of coal blends. Other raw materials important for the steel sector, like Manganese, Limestone etc., will also remain in policy focus to ensure long-term resource sustainability. The secondary steel sector, comprising around 2,550 units and nearly 47 per cent of crude steel production capacity, wil
The Steel Ministry has asked its undertakings, SAIL and NMDC, to explore mineral assets abroad to help secure long-term raw material requirements and support input costs, an official said. Steel Authority of India Ltd (SAIL) is India's largest public sector steel-making entity, and NMDC is the country's leading iron ore player. On a query on whether steel PSUs, especially SAIL and NMDC, have been asked to look for mining assets abroad, the senior ministry official replied in the affirmative. The move will help secure future requirements and reduce cost, the official said without sharing further details. Iron ore and coking coal are two basic raw materials needed to produce steel, besides limestone and pulverised coal injection (PCI Coal), among others. While iron ore is available in abundance in the country, Indian steel makers, including SAIL, remain heavily dependent on imports for 85-90 per cent of their coking coal requirements from countries such as Australia and Mozambique.
Domestic steel prices have touched a four-year high due to costlier raw materials, especially coking coal, coupled with rise in post monsoon demand, according to market research firm BigMint. The trend is expected to continue over the remaining quarters of the ongoing fiscal year, it said in a report. Hot rolled coil (HRC) and CRC -- two of the most common types of flat steel products used globally -- are trading at Rs 64,000 per tonne and Rs 75,000 a tonne, respectively. Such levels were last seen in June 2022, BigMint data showed. From August 1, prices of HRC and CRC have increased by Rs 6,000 per tonne and Rs 8,500 a tonne, respectively. HRC and CRC were at Rs 58,000/ tonne and Rs 66,500/tonne at the start of August. The spike in prices is mainly due to rise in key raw materials coupled with an increase in demand, a BigMint analyst said. Coking coal, mainly imported, has seen a surge of around USD 65 per tonne to USD 305/tonne in just one month. While iron ore fines have seen a
India will remain among the fastest-growing steel markets globally in FY27 amid oversupply in global steel markets, geopolitical uncertainties, evolving trade barriers, and tightening sustainability regulations, according to a report. India Ratings and Research (Ind-Ra) said it also expects the sector's strengthened balance sheets to support ongoing investments without materially weakening leverage metrics, although the execution of expansion projects, carbon-transition requirements, and export-related regulations are key monitorables. The agency said, "India will remain among the fastest-growing steel markets globally in FY27 amid oversupply in global steel markets, geopolitical uncertainties, evolving trade barriers, and tightening sustainability regulations". Ind-Ra expects India's steel demand to grow at a high-single-digit percentage year-on-year in FY27 (from 7.4 per cent in FY26), driven by the government's continued infrastructure spending, healthy demand from the ...