The Indian government will take policy initiatives to prioritize steel production and commodity security in the coming year as India enters the final phase of its journey to achieve an installed steel production capacity of 300 million tonnes by 2030, a steel ministry official said on Tuesday, December 30.
Besides capacity expansion, the government's policy initiative will be to implement low-carbon technologies, developing green steel capacity and producing specialty and high-quality steel grades to meet the growing needs of the domestic industry and export markets, the official said.
However, he said the steel industry is bracing for further challenges in 2025, including rising imports, volatile raw material prices and global trade uncertainty. Imports - especially from Asian markets - remain a challenge for domestic producers, despite safeguard and anti-dumping duties imposed on flat rolled steel from countries such as China and Vietnam.
The ministry is also increasing the availability of raw materials. New reserves of coking coal are being explored, and supply sources are being diversified through interactions with resource-rich countries. Iron ore auctions are held and steelworkers are encouraged to participate. Beneficiation and pelletization of low-grade iron ore is also being encouraged to improve resource efficiency, the official added.
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