Hard-hit by rising imports, steel sector eyeing policy initiatives to safeguard its interests in 2025
steel industry will be keenly eyeing policy initiatives in 2025 to safeguard its interests as it moves ahead with the 300 MnT capacity target amid volatile raw material prices. Another challenge in front of the industry will be to expedite its efforts to transition to clean manufacturing processes with the government's push to green steel production amid global thrust on cutting greenhouse gas emissions in hard-to-abate sectors.
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The government intervention will be essential as the Indian steel industry is in expansion mode to build a manufacturing capacity of 300 MnTPA by 2030 and would need investments worth around Rs 10 lakh crore to add the remaining 120 MnT capacity to achieve the target.
According to the Ministry of Steel, India remained a net importer of steel, with imports in April-September FY25 outpacing exports by a wider margin.
In the April-September 2024 period, imports rose over 41 per cent to 4.70 million tonnes (MnT) from 3.33 MnT in the six-month period of the last fiscal. Exports came down by 36 per cent to 2.31 MnT from 3.60 MnT in April-September FY24, official data showed.
On imports, the ministry said there is a growing demand by industry for protection against cheap imports from China directly or through countries like Vietnam etc.
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