India unveils steel policy aiming for 604 million tons capacity by 2047
NEW DELHI: India released a draft steel policy for public consultation late on Saturday, targeting 604 million metric tons of steel capacity by 2047 from around 220 million tons at present. Reuters reported last week, citing the draft document, that the policy lays out plans to cut sector emissions and shore up access to iron ore and coking coal — key raw materials — to meet anticipated demand.…
India has released a draft steel policy for public consultation, aiming to reach 604 million metric tons of steel capacity by 2047 from the current 220 million tons. The policy focuses on reducing sector emissions and improving access to key raw materials such as iron ore and coking coal to meet anticipated demand. By 2047, the policy aims to cut the sector's average carbon emission intensity to 1.54 tons of carbon dioxide per ton of crude steel, aligning with India's net zero emission goal for 2070.
Indian steel prices are expected to rise further due to increased coking coal costs and a revival in demand. The steel ministry anticipates a demand of 772 million tons for iron ore and plans to secure access to high-grade reserves through foreign assets and joint ventures. Additionally, coking coal demand is projected to reach 236 million tons, with the government planning to diversify its sourcing through strategic global outreach and acquiring overseas assets.
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