India's Ferro Alloys Industry Set to Boom Amid Rising Steel Demand

India's ferro alloys demand is anticipated to grow at a CAGR of 7-8% over five years, driven by higher steel production. With current demand over 4 million tonnes, the nation's steel industry expansion to 300 million tonnes by 2030 will further push the need for ferro alloys.

The demand for ferro alloys in India is projected to witness significant growth over the next five years, with a compound annual growth rate (CAGR) of 7-8%, as reported by BigMint, a markets research firm.

Presently, India's requirement for ferro alloys, essential for enhancing steel properties, stands over 4 million tonnes. According to Dhruv Goel, CEO of BigMint, the domestic capacity is approximately 7.5 million tonnes, with 6 million tonnes produced and around 2 million exported.

The government targets increasing steel production capacity to 300 million tonnes by 2030, up from the current 200 million tonnes, which is expected to propel the demand for various ferro alloys used in high-end steel for sectors such as automobiles, defence, and aviation.

(With inputs from agencies.)