India Targets 300 Million Tons of Steel Output by 2030, $120 Billion Investment Needed

India plans to scale its steel production to 300 million tons by 2030, requiring an estimated $120 billion investment, according to the Ministry of Steel. Rising domestic demand could push India into becoming a net steel importer without these investments.

Steel Secretary Sandeep Poundrick highlighted that per capita steel consumption is nearing 100 kg and flagged a 41% year-on-year surge in steel imports during the first half of FY2024/2025 (April-September). Additionally, steel inventories have doubled from 15-16 days to around 30 days.

Poundrick expressed concerns over global steel price drops driven by international market dumping and noted that 62% of India’s steel imports are from Free Trade Agreement (FTA) nations. Basic import duties remain ineffective against these imports.

India’s steel imports reached a seven-year high of 5.7 million tons between April and October 2024, driven largely by Chinese rolled steel products. Domestic steel consumption also hit a record high of 85.7 million tons during the same period.

As the world’s second-largest steel producer, India remains a net steel importer for the second consecutive fiscal year, emphasizing the urgent need for capacity expansion to meet growing domestic demand and reduce import dependency.