Quote on Draft National Steel Policy Vision 2047 by Sumit Jhunjhunwala, Vice President, Sector Head, Corporate Sector Ratings, ICRA Ltd
Below the Quote on Draft National Steel Policy Vision 2047 by Sumit Jhunjhunwala, Vice President, Sector Head, Corporate Sector Ratings, ICRA Ltd
"The Draft National Steel Policy Vision 2047 presents a balanced focus on capacity expansion to ~604 million MT (mmt), raw material security and decarbonisation. While steel demand growth is expected to remain supported by infrastructure creation, urbanisation, renewable energy and manufacturing investments, securing key raw materials, particularly coking coal where import dependence remains very elevated, is critical for sustaining industry competitiveness. The emphasis on beneficiation, scrap recycling, international resource partnerships, and logistics efficiency is expected to address some of the structural constraints facing the sector. Iron ore demand is also expected to reach ~772 million MT by 2047, and emphasis on utilising low grade ore through beneficiation and pelletisation is expected to meet the overall iron ore demand in the country. The vision also acknowledges the steel sector’s decarbonisation challenge and provides a phased transition pathway to ~1.54 tCO?/tcs by 2047. While implementation will require substantial investments and technology adoption over the coming decades, the policy provides a clear strategic direction that support the sector’s long-term growth, resilience and global competitiveness."
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