`Forging the Future: Analysis of the Steel Industry`s Dynamics, Trends, and Prospects` by Dr. Manoranjan Sharma, Chief Economist, Infomerics Ratings
The report provides a comprehensive overview of various aspects, including production, pricing, government policies, challenges, and future prospects.
Key insights:
* India ranked second among the world with 11.7 Mt produced in November 2023, showing steady growth of 11.4% year-over-year; China ranked first at 76.1 Mt (0.4% y-o-y growth)
* India accounted for 7.3% of world crude steel production during the January-August 2023 period
* Domestic finished steel production witnessed 14.3% growth y-o-y
* World production of crude steel from January – November 2023 stood at 1715.1 Mt, a 0.5% y-o-y increase
* India produces 71% of its steel via the blast furnace-basic oxygen furnace (BF-BOF) route and 19% via the electric arc furnace (EAF) route
* India witnessed robust domestic demand in 2023, with finished steel consumption growing 14.8% year-over-year during April-November 2023 marked by a rapid rise in steel inventory driven by government infrastructure spending and emerging sectors like defense and green technology
* India's imports increased from 46,000 tonnes in April 2023 to 7,82,000 tonnes in November 2023 while the exports declined from 8,55,000 tonnes in April 2023 to 2,34,000 tonnes in November 2023
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