Consumption of Indian steel, including exports, is expected to be in range of 132-135 million mt in the fiscal year 2023-24, junior minister of steel Faggan Singh Kulaste said in a statement on Wednesday, April 26.
The junior minister said that total consumption in 2022-23 has provisionally been estimated at 119 million mt, up 11 percent year on year.
“Indian steel consumption has shown very robust growth compared to other countries and the momentum is expected to be sustained by the government’s large capital expenditure on infrastructure,” he said.
“The domestic steel industry needs to address three issues of utilization of low-grade iron ore, implementation of technology including adoption of processes for production of green steel, and the bridging of the gap between rural and urban steel consumption levels,” the minister said.
