The domestic steel demand is expected to grow at a rate of 10 per cent over the next few years, supported by the government’s focus on infrastructure, Steel Secretary Nagendra Nath Sinha said on Wednesday. The official made the remarks addressing a ‘CII Conference on Future Ready and Green Manufacturing’ conference in the national capital.
With the government’s focus on infrastructure, the domestic steel demand will grow in double-digits, he said.
“The demand has grown by 13-14 per cent year-on-year in the financial year 2023-24. It will continue to grow by 10 per cent in the future,” Sinha said.
As per official data, crude steel production was around 145 million tonnes (MnT) in 2023-24 financial year, up from 127 MnT in the last fiscal.
Consumption stood at 136 Mnt in the financial year 2023-24, as against 120 MnT in 2022-23.