The Indian Ministry of Steel has published a draft steel production policy for public discussion, envisaging an increase in steel production to 604 million tons by 2047 from about 220 million tons currently, a government official said, citing a draft document on Monday, October 12.
The policy aims to reduce the average intensity of carbon emissions in the sector to about 1.54 million tons of carbon dioxide per ton of crude steel by 2047 from the current 2.54 million tons, in line with India's goal of zero emissions by 2070, according to the draft document.
The Ministry of Metallurgy expects demand for iron ore to reach 772 million tons, and plans to provide access to high-quality coal reserves through the use of foreign assets and joint ventures, the document says.
The ministry also expects demand for coking coal to reach 236 million tons, the document says, taking into account government planning in diversifying its suppliers through "strategic global reach" and acquiring overseas assets.
This policy aims to reduce dependence on imports through domestic production, expansion of the enrichment plant, acquisition of assets, long-term supply contracts, and through artificial intelligence, optimization of coal mixtures. Other raw materials important to the steel sector, such as manganese and limestone, will also remain the focus of policy to ensure long-term resource sustainability.
The secondary metallurgy sector, which includes about 2,550 enterprises and almost 47% of steel production capacity, will receive support to expand access to raw materials, improve technology, improve skills and ensure safety, the document says.
In 2017, the government introduced a National Steel Production Policy aimed at increasing India's steel production capacity to 300 million tons by 2030, along with other parameters such as consumption of 160 kg per per capita, ensuring the availability of raw materials, and others.
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