India鈥檚 steel production to surge by 32.9% by 2030
11 Oct 2024
2 Min Read
CW Team
India鈥檚 crude steel production is projected to grow by 32.9%, reaching over 186 million metric tons (MMt) annually by 2030, according to a report by S&P Global Commodity Insights. The report, titled "India's Circular Economy Goals: Spotlight on Ferrous Scrap", emphasises the critical role of ferrous scrap in reducing carbon emissions as the country, the world鈥檚 second-largest steel producer, transitions towards more sustainable production methods.
The report highlights that as India aims to scale its steel production capacity to 300 MMt by 2030, the use of ferrous scrap through electric arc furnaces (EAFs) and induction furnaces (IFs) will be crucial in reducing the sector鈥檚 reliance on high-emission blast furnace routes. The shift aligns with the government鈥檚 target of making ferrous scrap 50% of the steel feedstock by 2047.
S&P Global Commodity Insights has also enhanced transparency in ferrous scrap pricing with daily assessments for Indian containerised shredded scrap starting in June 2024. This move aims to reflect the evolving dynamics in the scrap market as Indian steelmakers increasingly rely on spot trades to secure essential scrap inflows.
鈥淭he transition to ferrous scrap is crucial for India鈥檚 decarbonisation goals,鈥� the report noted, adding that while domestic scrap supply is growing through shipbreaking and vehicle scrappage programs, imports remain vital. UAE is currently a key supplier, but global competition for ferrous scrap is intensifying.
The report also touched upon the challenges facing India鈥檚 steel sector in its circular economy shift. These include global regulatory hurdles like the EU鈥檚 Waste Shipments Regulation and the Carbon Border Adjustment Mechanism (CBAM), which may restrict the availability of ferrous scrap exports. Despite these challenges, the report stresses that ferrous scrap will play a pivotal role in India鈥檚 efforts to decarbonise its steel industry.
With the steel industry moving towards indexation and global risk management practices, India鈥檚 steelmakers are expected to benefit from increased price stability and improved procurement strategies, the report concluded.
India鈥檚 crude steel production is projected to grow by 32.9%, reaching over 186 million metric tons (MMt) annually by 2030, according to a report by S&P Global Commodity Insights. The report, titled India's Circular Economy Goals: Spotlight on Ferrous Scrap, emphasises the critical role of ferrous scrap in reducing carbon emissions as the country, the world鈥檚 second-largest steel producer, transitions towards more sustainable production methods.
The report highlights that as India aims to scale its steel production capacity to 300 MMt by 2030, the use of ferrous scrap through electric arc furnaces (EAFs) and induction furnaces (IFs) will be crucial in reducing the sector鈥檚 reliance on high-emission blast furnace routes. The shift aligns with the government鈥檚 target of making ferrous scrap 50% of the steel feedstock by 2047.
S&P Global Commodity Insights has also enhanced transparency in ferrous scrap pricing with daily assessments for Indian containerised shredded scrap starting in June 2024. This move aims to reflect the evolving dynamics in the scrap market as Indian steelmakers increasingly rely on spot trades to secure essential scrap inflows.
鈥淭he transition to ferrous scrap is crucial for India鈥檚 decarbonisation goals,鈥� the report noted, adding that while domestic scrap supply is growing through shipbreaking and vehicle scrappage programs, imports remain vital. UAE is currently a key supplier, but global competition for ferrous scrap is intensifying.
The report also touched upon the challenges facing India鈥檚 steel sector in its circular economy shift. These include global regulatory hurdles like the EU鈥檚 Waste Shipments Regulation and the Carbon Border Adjustment Mechanism (CBAM), which may restrict the availability of ferrous scrap exports. Despite these challenges, the report stresses that ferrous scrap will play a pivotal role in India鈥檚 efforts to decarbonise its steel industry.
With the steel industry moving towards indexation and global risk management practices, India鈥檚 steelmakers are expected to benefit from increased price stability and improved procurement strategies, the report concluded.
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