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India Steel Capacity to Surge by 2047
12 Oct
Summary
- India targets 604 million tons steel capacity by 2047.
- Policy aims to cut sector emissions by 40%.
- Securing iron ore and coking coal is a priority.
India has initiated a public consultation for its draft steel policy, projecting a substantial growth in steel capacity to 604 million metric tons by the year 2047. This marks a significant increase from the current capacity of around 220 million tons.
The policy document highlights a dual focus on expansion and environmental responsibility. It outlines a plan to reduce the steel sector's average carbon-emission intensity from 2.54 tons of carbon dioxide per ton of crude steel to approximately 1.54 tons by 2047, aligning with India's broader net-zero emission objective for 2070.
To support this ambitious growth, the ministry anticipates a considerable demand for raw materials. Iron ore demand is projected at 772 million tons, with strategies including foreign asset pursuit and joint ventures to secure high-grade reserves. Similarly, coking coal demand is expected to reach 236 million tons, prompting plans for diversified sourcing through global outreach and overseas asset acquisition.
