Business Opportunities in Steel Manufacturing in India

 

Business Opportunities in Steel Manufacturing in India


 

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India was the second-largest steel manufacturer in the world with an output of 111.2 million tonnes (MT) in 2019. In the Indian steel industry, growth was driven by domestic accessibility of raw materials such as iron ore and economic labor. The steel sector has therefore been a substantial contribution to the production of India.

The Indian steel sector has contemporary steel plants. He has always tried to continuously upgrade outdated plants to higher levels of energy efficiency.

Indian steel industries are ranked into three groups, principal producers and secondary producers. Indian steel industry.

 

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Indian Steel Market Overview

 

 

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The final steel consumption in India increased by 5.2 percent to a CAGR of 100 MT in FY16-FY20. The production of crude steel and finished steel in India rose in FY20P respectively to 108.5 MT and 101.03 MT. The cumulative output of finished steel by India at 85.60 MT, between April 2020 and February 2021. The final steel consumption of India in April 2021 amounted to 6.78 MT. The overall Indian output of crude steel for the period April 2020 and February 2021 was 92.78 MT. FY20p was 8.24 MT and 6.69 Mt, respectively, for export and import of finished steel.

 

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Government Initiatives

 

· A proposed framework policy for the development of the steel clusters in the country was created by the Steel Ministry in September 2020.

· The Directorate-General for Foreign Trade (DGFT), on 1 October 2020, declared that the country's steel companies can use their services centers, distributors, dealers, and stockyards to profit from duty drawback benefits on steel.

 

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· To limit imports, the government implemented the Steel Scrap Recycling Policy.

· The Government gave Rs. 39.25 crore to the Steel Ministry under the Union 2020–21 Budget (USD 5.4 million).

 

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· A Memorandum of Cooperation (MoC) with the Minister of Economy, Trade, and Industry, the Government of Japan was signed by the Ministry of Steel in January 2021, to enhance the steel industry using cooperative efforts under the Indian-Japan Steel Dialogue.

·  Mr. Dharmendra Pradhan, the minister of oil & natural gas and steel, called on the scientific community to make India "Aatmanirbhar" by creating competitive advantages in December 2020.


 

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Opportunities and Future Ahead

The 2017 National Steel Policy provides for the production capacity of 300 million tonnes by 2030-31. The usage of steel per person rose during the last five years from 57.6 kgs to 74.1 kgs. The goal of the government is to raise rural steel consumption to 38 kg/per capita by 2030-31 from the current 19.6 kilos per capita.

 

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The steel demand will expand by 7.2% in 2019-20 and 2020-21 according to Indian Steel Association (ISA). The relatively low per capita consumption of Indian steel and the predicted increase in consumption due to rising infrastructure construction and the flourishing motor and train sectors offer a wide range of expansion.

 

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Bottom Line

 

Between April 2020 and February 2021 respectively, the export and import of finished steel were at 9.49 MT and 4.25 MT. Indian exports grew in April 2021 by 196% compared to 2020 and by 17% compared to 2019.

 

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The DPIIT reports that, between April 2000 and September 2020, Indians garnered $14.24 billion in Foreign Direct Investment (FDI), according to figures published by the Department for the Promotion of Industry and Internal Trade.

 

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The National Steel Policy of the Government of 2017 seeks to boost the consumption per capita of steel to 160 kg by 2030 - 31. The Government has also advocated policy providing for a minimum added value of 15% in notifiable stainless-steel products covered by preference procurement.

In 2019 Steel Scrap Recycling Policy was introduced by the government to reduce imports.


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