According to the government, the consumption of steel will increase continuously due to various schemes and programs of the government like Gatishakti Master Plan.
Union Steel Minister Ram Chandra Prasad Singh said on Saturday that Steel (steel) consumption will increase continuously as the government is running many programs and schemes. He also said that the supplementary steel sector (Steel Sector) development mission is also underway. The Union Minister said, “Gatishakti (Gati ShaktiDue to various schemes and programs of the government like master plan, the consumption of steel will increase continuously and the contribution of supplementary steel sector will be very high. The mission to develop a complementary steel sector is underway.” The Ministry of Steel organized a session with steel companies based in Odisha. Steel Minister presided over the meeting. Officials of various companies participated in it.
Estimated increase in the cost of steel production
On the other hand, the Indian Steel Association (ISA) said on Friday that due to the deepening of the military crisis between Russia and Ukraine, the price of coking coal and other commodities and raw materials will increase, saying that this will affect the cost of steel production. ISA Secretary General Alok Sahai told PTI that both Russia and Ukraine being net exporters of 40 million tonnes of steel would affect the availability of steel internationally. Sahai said that the current global situation is reflecting in the form of high oil and gas prices. Apart from this, there will also be an increase in the prices of commodities and raw materials. “For example, the price of coking coal has already started rising. This will affect the cost of raw materials used in steel production. Coking coal is an important element in the steel making process.
18% growth in steel production in 2021
India is constantly trying to increase domestic production to meet the increasing demand for steel. India’s crude steel production grew by 18 per cent to 118 million tonnes in 2021, while world leader China’s steel production declined by three per cent to 1032.80 million tonnes in 2021. According to the report of the global industry organization World Steel Association (WorldSteel), India produced 1003 million tonnes of steel in 2020, while China produced 1064.7 million tonnes of steel in the same period. According to Worldsteel, the total production of crude steel in the world in 2021 was 195.05 million tonnes, which is 3.7 percent more than the total production of 188.04 million tonnes in 2020.