Via Metal Miner India has ended the financial year 2023-2024 as a net importer of finished steel, which has sent the alarm bells ringing in industry circles throughout India. Mainly, insiders want to know how the changing import status might affect steel costs and India’s push for self reliance. According to news agency Reuters, as per initial government data, India imported 8.3 million metric tons of finished steel in the last fiscal year. This represents an increase of 38.
India’s Announces Fresh Steel Target As if on cue, India recently announced ambitious targets for its steel industry, aiming to ramp up steel production capacity to an impressive 500 MTPA by 2047. According to this report in the Economic Times, this marks a significant leap from the targets outlined in the New Steel Policy NSP of 2017, which aimed for just 300 MT by 2030. However, the focus isn’t solely on increasing production.
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