Indian Steel PSUs Tap Global Markets, Eye 300 MT Output by 2030

In a strategic move to secure raw materials and boost India’s steel production, three major public sector undertakings SAIL, NMDC, and MECON are set to open offices in Dubai by the end of June. The goal: is to explore mineral reserves abroad and tap into global markets. MOIL is also expected to join the expansion soon, Union Steel Secretary Sandeep Poundrik said on Sunday.

Despite India having adequate iron ore reserves, the country faces shortages in key inputs like coking coal, limestone, and manganese essential for strengthening steel. “We are also looking at Brazil and Argentina for critical minerals,” Poundrik said while attending the 63rd Foundation Day of MOIL in Nagpur.

Due to its proximity to Africa, a resource-rich zone hosting established trade routes, Dubai has been selected for a strategic base. MOIL is evaluating Gabon as a potential country for manganese mining. For limestone, Oman has developed into a strong potential supplier along with the Gulf. The ministry is also pursuing partnerships for DRI-grade steel in the Middle East, capitalizing on the region’s ample natural gas.

Currently, India produces 151 million tonnes (MT) of steel while importing about 9.5 MT, mostly due to dumping by China. Guarding against this, safeguard duties have been imposed but Poundrik pointed out that the government is now aiming for a target of 300 MT production and a capacity of 400 MT by 2030.

On the EU tightening the carbon norms, Poundrik pointed out that India is still dependent on blast furnace technology, making it difficult to comply with the EU’s Carbon Border Adjustment Mechanism in a short span of time. However, he added that India isn’t overly dependent on EU markets and sees strong global demand elsewhere.

Meanwhile, MOIL CMD Ajit Kumar Saxena announced record-breaking quarterly production of 5 lakh tonnes and 18 lakh tonnes for the last fiscal. With extensive exploration across 107 km, MOIL is on track to meet—and possibly exceed—its 2030 target of 35 MT, with projections as high as 40 MT. Poundrik said MOIL’s contribution could surpass 50% of the steel sector’s manganese requirement by the end of the decade.