India’s steel demand to grow by 8% annuallyIndia is the second-largest steel producer in the world
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India’s steel demand to grow by 8% annually in 2024 and 2025: Steel Ministry
August 19, 2024
The Indian government projects that steel demand will grow by 8% in 2024 and 2025, primarily driven by ongoing infrastructure development. Since 2021, India has emerged as a key player in global steel demand, and this trend is expected to continue with robust growth across all sectors that utilize steel, particularly in infrastructure investments. In the first quarter of the financial year 2025, India produced 36.61 million tonnes of crude steel and 35.77 million tonnes of finished steel, with total steel production reaching 72.4 million tonnes, an increase from 68.5 million tonnes in the same period the previous year. Steel consumption per capita has also risen significantly, from 59 kg in 2013-14 to 119 kg in 2022-23.
In 2023, India produced 140.2 million tonnes of steel, making it the second-largest steel producer in the world. The country’s domestic steel-making capacity is projected to reach 300 million tonnes by 2030 and 500 million tonnes by 2047. This consumption growth is expected to be fuelled by increased government spending and urbanization. The government has introduced the Domestically Manufactured Iron & Steel Products (DMI&SP) Policy and the Production Linked Incentive (PLI) Scheme for Specialty Steel to support the sector further.