India's Steel Industry Sees Growth

---

Researched by Industrial Info Resources (Sugar Land, Texas)--India is the second-largest producer of steel after China. In fiscal-year 2023, India produced 125.3 metric tons of crude steel and 121.29 metric tons of finished steel, according to the Indian Brand Equity Foundation (IBEF). It is projected that India's steel production will further rise by 4-7%, reaching 123-127 million metric tons in fiscal-year 2024.

In India, the demand for steel will grow by 9-10% in the coming years. The growth will mainly be driven by infrastructure spending as the country focuses on roads, buildings and bridges, which require steel in great quantity, among other infrastructure. Steel consumption in the country in April-July 2023 (the first quarter of the fiscal year) increased by 12.2% year-over-year. The central government's capital expenditures increased by 59.1% year-over-year during the period, indicating an acceleration in the pace of infrastructure financing. In addition, the capacity utilization rate in the country's steel sector is expected to improve as compared to the previous year.

Industrial Info is tracking 1,595 steel-plant projects across India, worth more than US$20 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for a list of project reports.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).