India will be 2nd largest steel producer over 12-18 mths: S&P Global Platts

Capacity addition in anticipation of increase in demand to place India after China

India is poised to become the second biggest steel producing country in the world after China over the next 12-18 months, as steelmakers continue adding capacities in anticipation of upcoming demand, S&P Global Platts said in its report today. 

This production increase is despite the slow pace of current steel consumption in the country, it said. India’s overall finished steel output over Apr-Jan was only 82.87 million tonne, about 68% of installed steel capacity of 122 million tonne per annum.

India’s steel ministry is drafting a new steel policy to raise the country’s steel production capacity to 300 million tonne by 2030-2032.