Demand will be driven by renewable energy sector
JSW Steel is enhancing its product mix to reduce India's reliance on coated steel imports with an indigenous Made In India, JSW Magsure. This makes JSW Steel the first and only Indian steel company to manufacture & market a Zinc-Magnesium-Aluminium alloy coated steel product in the domestic market. JSW Steel has patented the unique chemical composition of JSW Magsure.
JSW Magsure has significant usage in applications in high corrosive environments. Since 2020, the Indian market for Zinc-Magnesium-Aluminium alloy coated steel has grown more than 6x from approx. 15,000 metric tonnes to approx. 120,000 in FY24. So far the entire market requirement was serviced by imports. During the current fiscal, India's requirement for Zinc-Magnesium-Aluminium alloy coated steel is expected to double to 2.5 lakh tonnes at a market value of Rs 2,200 crores. This demand will be driven mainly by the renewable energy sector.
This special steel is supplied by a handful of global majors using patented technologies. India's heavy reliance on imports for Zinc-Magnesium-Aluminium alloy coated steel creates significant supply limitations. JSW Steel's JSW Magsure aims to address the supply limitation by offering an indigenous Made in India product with the shortest delivery timelines. It is expected that improved availability will spur demand for JSW Magsure not only from the domestic renewable energy sector but also from other allied end uses. Besides domestic market, JSW Steel is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
