India Steel

07 Oct 2023 3 mins Download PDF

India Steel

1. Indian steel companies plan to raise prices of various grades of the alloy due to rising import costs of coking coal.
   1.  Australia accounts for over 50% of its coking coal imports of around 55-60 million metric tonne a year.
   2. India also meets its coking coal requirements by importing from Russia and the United States.
2. India surpassed Japan as the second largest steel producer in 2019 and is the 2^nd largest consumer of finished steel (China is the largest producer of steel accounting for 54% of the world steel production in 2022).
3. There are two types of steel plants - mini steel plants and integrated steel plants.
4. About 50% of the country's steel is produced by medium and small enterprises.
5. In the year 2022-23, India witnessed the export of 72 million tonnes (MT) of finished steel, while importing around 6 MT.
6. Green steel: it is the steel manufactured by using renewable sources such as renewable or low-carbon energy sources such as hydrogen, coal gasification or electricity instead of traditional carbon-intensive manufacturing route of coal-fired plants.