India has been recognized as the leading global driver of steel demand growth since 2021, according to the Ministry of Steel. The World Steel forecast predicts that global steel demand is set to rebound by 1.7 percent this year, reaching 1,793 metric tons. By 2025, steel demand is expected to grow further by 1.2 percent, reaching 1,815 metric tons. The ministry highlighted that India has emerged as the strongest driver of steel demand growth globally, with an expected 8 percent growth in demand over 2024 and 2025. This growth is largely attributed to ongoing expansion across sectors using steel, especially infrastructure projects.
The performance of the steel sector in India in the first quarter of FY25 has surpassed levels seen in any previous fiscal year. Crude steel production reached 36.61 million tonnes, finished steel production stood at 35.77 million tonnes, and finished steel consumption hit 35.42 million tonnes during this period. The Ministry of Steel emphasized the essential role of the steel sector in vital industries such as construction, infrastructure, automotive, engineering, and defense. India has seen remarkable growth in the steel industry in recent years, rising to become the world’s second-largest producer of steel.
The per capita consumption of steel in India has doubled from 59 kg in 2013-14 to 119 kg in 2022-23. In 2023, India produced 140.2 million tons of steel, solidifying its position as a major player in global steel production. Looking ahead, the National Steel Policy (NSP) projects significant expansion in the sector. By 2030-31, India is expected to achieve a total crude steel capacity of 300 million tons, with crude steel production reaching 255 million tons and finished steel production at 230 million tons. India’s growth in the steel sector not only shapes global steel markets but also supports industrial advancements worldwide.
India’s steel demand is expected to continue its upward trajectory, driven by sustained investments in infrastructure projects and expansion across all sectors using steel. The Ministry of Steel forecasts an 8 percent growth in steel demand over 2024 and 2025, further solidifying India’s position as a key player in the global steel market. The steel sector plays a crucial role in supporting vital industries, and India’s growth in steel production is shaping global steel markets and supporting industrial advancements worldwide. India’s achievements in the steel industry showcase its potential for continued growth and contribution to the global economy. By 2030-31, India is projected to achieve significant expansion in the steel sector, further solidifying its position as a major player in global steel production.
