Benefit from the domestic economic growth and urbanization construction speed, is expected 2020-2030 ten years, India's steel production and consumption will be rapid growth.
Aruna Sharma, secretary general of the Indian Iron and Steel Association, said the government's strong push for infrastructure construction is the main driver of Indian steel demand growth. The next 10 years and 20 years, India's copper, iron ore, steel demand will continue to grow. India's per capita consumption of iron and steel from 50 kg to 60 kg spent seven years to reach this year's 64 kg only 18 months.
April-September this year, India's steel consumption of 43 million tons, an increase of 4.3%, steel production 52 million tons, by 5%. As of March 31 this year, 2016-17 fiscal year, steel consumption 84 million tons, an increase of 3%, the slowest in three years, even if steel production increased by 11%, reaching a record 101 million tons level. It is expected that the annual capacity of India's crude steel in the 2021 fiscal year will increase from 1.26 million tons to 150 million tons, more than Japan's 118 million tons, becoming China's second largest steel producer after China, when it is estimated that China will be 785 million tons. The Indian government's grand goal is to 2030 fiscal year, crude steel production capacity increased to 300 million tons.