India’s Steel industry holds the second position after the USA among every country in manufacturing. In FY19, India produced 131.57 MT and 106.56 MT of gross finished steel and crude steel, respectively.
China remained the world’s largest crude steel producer in the same period 577.06 MT.
Despite being one of the largest producers of steel, India fears China could soon start flooding excess steel into its market. After the United States raised tariffs on Chinese products, that escalated trade war between the world’s two largest economies.
The Indian steel industry has asked the Indian government to put in so-called safeguard duties of as much as 25% to protect it from growing imports. These would be imposed on steel that the government determines has been dumped in India at prices below the cost of production.
The steel industry in India was de-licensed and decontrolled in the years 1991 and 1992 per capita. In 2014-15, production for sale of total finished steel (alloy + non-alloy) was 91.46 million tonnes. A growth of 4.3% on 2013-14.
Production for sale of pig iron in 2014-15 was 9.7 million tonnes, a growth of 22% over 2013-14.
India is the largest producer of sponge iron in the world with the coal-based route accounting for 90% of total sponge iron production in the country.
Data on production for the sale of pig iron, sponge iron and total finished steel (alloy + non-alloy) are given below for the last five years. India’s finished steel consumption grew at a CAGR of 7.5% during FY08-FY19 to reach 97.54 MT.
India’s steel production is expected to increase from 106.56 MT in FY19 to 128.6 MT by 2021. The Government has taken various steps to boost the sector including the introduction of National Steel Policy 2017 and allowing 100% Foreign Direct Investment in the steel sector under the automatic route.
Between April 2000 and March 2019, the inflow of US$ 113.12 bn has been witnessed in the metallurgical industries as Foreign Direct Investment. India is also an important producer of pig iron. Post-liberalization, with setting up several units in the private sector, imports have drastically reduced but also India has turned out to be a net exporter of pig iron.
The private sector accounted for 91% of the total production of pig iron 6.414 MT in the country in 2018-19. The economic recovery seems to have broadened and is more synchronized across countries. The OECD projects world GDP growth to reach 3.8% in 2018 and 3.9% in 2019. But note that the recovery has until very recently been sustained by an accommodative fiscal and monetary stance.
The global steel demand will continue to grow in 2018 and 2019, albeit at a decreasing pace (1.8% in 2018 and 0.7% in 2019). The next world steel forecast will be released in October 2018. Steel demand is expected to increase in all regions in 2018, with considerable differences across jurisdictions.
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