INDIAN STEEL INDUSTRY AT A GLANCE IN 2017 - 2018 General overview
As of 2017, India is the world’s 3rd largest producer of crude steel (up from 8th in 2003). India’s steel production in 2017 stood at 101.4 MT. India’s crude steel output grew 5.87 per cent year-on-year to 101.227 million tonnes (MT) in CY 2017. Crude steel production reached 93.183 MT during April-February 2017-18. India’s crude steel production rose nearly 6% to hit an all-time high of 101.28 million tonnes (MT) in 2017-2018.
For the first time India’s crude steel production crossed the 100 million tonnes mark in 2017, reaching 101.227 MT, a growth of 5.87% over the previous year. India's crude steel production grew by 6.2 per cent to 101.4 million tonnes (MT) in 2017 compared to 95.5 MT in the previous year, a report said.
Steel Export and Import
India’s finished steel exports rose 102.1 per cent to 8.24 MT, while imports fell by 36.6 per cent to 7.42 MT in 2017. Exports and Imports of iron and steel stood at 14.6 MT and 13.1 MT during April-February 2017-18, respectively.
Industry Forecast
Steel production in India is forecast to double by 2031, with growth rate expected to go above 10 per cent in FY18. To achieve steel capacity build-up of 300 million tonnes per annum (MTPA) by 2030, India would need to invest US$ 156.08 billion by 2030-31. India is expected to overtake Japan to become the world's second largest steel producer soon, and aims to achieve 300 million tonnes of annual steel production by 2025-30. India is expected to become the second largest steel producer in the world by end of year 2018.
