India's steel demand boom to continue, to grow at 10% over the next few years

During a 'CII Conference on Future Ready and Green Manufacturing' in the national capital, Steel Secretary Mr. Nagendra Nath Sinha expressed that domestic steel demand is projected to grow at 10% in the coming years, buoyed by the government's infrastructure focus. Noting a year-on-year growth of 13-14% in the financial year 2023-24, he anticipates this growth momentum to persist.

Official data reveals a rise in crude steel production to around 145 million tonnes (MnT) in the 2023-24 financial year, up from 127 MnT in the previous fiscal. Concurrently, consumption increased to 136 MnT in 2023-24, compared to 120 MnT in 2022-23, reflecting a robust demand trajectory.

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