India’s domestic steel demand will grow at around 10 percent over the next few years supported by the government’s focus on infrastructure, steel ministry secretary Nagendra Nath Sinha said on Friday, May 10.
"The demand grew by 13-14 percent year on year in the financial year 2023-24. It will continue to grow by 10 percent in the future," Sinha said.
As per the official data, India’s crude steel production was around 145 million mt in the fiscal year 2023-24, up from 127 million mt in the previous fiscal year. Consumption stood at 136 million mt in the fiscal year 2023-24, as against 120 million mt in 2022-23.