In this issue

Indian Steel Products Going Global

India recorded a steel production of 89+ million tonne in FY16 which converts to a per capita steel consumption of over 70 kgs. By year 2025, the government plans to push total steel production in the country to 300 million tonnes and with massive infrastructure push, also expects to equal the global per capita steel consumption in 10 years. However, with brownfield and greenfield expansions expected to add nearly 10-12 million tonne of capacity in 2016-17, sluggish demand in the near term has emerged as a concern despite the underlying bullishness for the long term. Steel demand in India is expected to grow at 6-7% in the current year which is the highest in the world and makes India the most attractive consumer market.

Sajjan Jindal in a recent statement said the government is taking steps to revive the sector and boost capacity utilization of existing plants. Some of the initiatives comprise setting up of the Steel Research and Technology Mission of India to spearhead research and development activities as well as establishing Special Purpose Vehicles (SPVs) with four iron ore-rich states to set up 3-6 mnt pa capacity plants. This shall boost capacities further. The domestic production growth of about 4 per cent during the 1st quarter of current fiscal is an indicator that local steel-makers have been able to also substitute the falling imports, which dropped 30.7 per cent during the same period last year.

Globally, demand for steel is in doldrums owing to slump in major economies like EU, US, UK & China among others. Worldsteel Association expects a global steel demand growth of less than half a per cent in 2016; most of the world markets have even recorded degrowth.

Steel 360 Magazine Description:

Steel 360 is a monthly magazine covering the metal and mining industry in India. The magazine has a readership of 50,000+ across the globe in the metal and mining fraternity across the country (print circulation only in India). Each issue of the magazine carries a highly informative cover story; write-ups on trending topics, market prices & offers, current news from the metal & mining industry, latest technology trends, columns from industry veterans, import-export statistics, information on upcoming events and much more.
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