SteelMint reports a 13% increase in domestic finished steel consumption to 136 MT in FY24

Domestic finished steel consumption in India grew by 13% to 136 million tonnes in 2023-24, driven by demand from automotive and infrastructure sectors. Production of crude steel increased by 12.6% to 143 MT. The government aims to increase annual steel capacity to 300 MT by 2030. In the January-March period, finished steel consumption rose by 6% to 33 MT.

Domestic finished steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, SteelMint India said.

The country consumed 120 million tonne (MT) finished steel in the preceding 2022-23 financial year, the research firm said in a report.

''Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects,'' SteelMint said.

The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in the previous fiscal.

The development assumes significance as under the National Steel Policy, the government is aiming to increase India's annual steel manufacturing capacity to 300 MT and per capita steel consumption to 160 kg by 2030.

As per the SteelMint data, the consumption of finished steel rose 6 per cent to 33 MT in the January-March period of FY24 from 31 MT in the year-ago period.

The production of crude steel was 37 MT during the quarter, 12.1 per cent more than 33 MT in the year-ago quarter.

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