India's ministry of steel has released a draft steel policy for public consultation targeting 604 million mt of steel capacity by 2047 from around 220 million mt at present, a government official said quoting from the draft document on Monday, October 12.
The policy aims to cut the sector's average carbon-emission intensity to around 1.54 mt of carbon dioxide per mt of crude steel by 2047 from the current 2.54 mt, in line with India's net zero emission goal for 2070, according to the draft document.
The steel ministry expects iron ore demand to reach 772 million mt and plans to secure access to high-grade reserves by pursuing foreign assets and joint ventures, the document said.
The ministry also expects coking coal demand to reach 236 million mt, the document said, with the government planning to diversify its sourcing via "strategic global outreach" and acquire overseas assets.
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 and limestone, will also remain in policy focus to ensure long-term resource sustainability.
The secondary steel sector, comprising around 2,550 units and nearly 47 percent of crude steel production capacity, will receive support for enhanced raw material access, technology improvement, skill development and safety, the document said.
The government introduced a National Steel Policy in 2017, aimed at increasing India's steel manufacturing capability to 300 million mt by 2030, along with other parameters such as 160 kg per capita consumption, ensuring raw material availability, among others.
