India was the world's second-largest producer of crude steel, with an output of 9.8 MT in 2021. In FY22 , the production of crude steel and finished steel stood at 98.39 MT and 92.82 MT, respectively.
The consumption of finished steel stood at 86.3 MT in FY22 . Between April 2021-January 2022, the consumption of finished steel stood at 86.3 MT.Steel Exports
In FY22, exports and imports of finished steel stood at 12.2 MT and 4.3 MT, respectively. In April 2021, India's export rose by 121.6% YoY, compared with 2020. In FY21, India exported 9.49 MT of finished steel.Industry Investments
According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000-December 2021, Indian metallurgical industries attracted FDI inflows of US$ 16.1 billion.Forecast for Steel Industry
In FY22, demand for steel is expected to increase by 17% to 110 million tonnes, driven by rising construction activities post Covid times. The National Steel Policy, 2017 envisage 300 million tonnes of production capacity by 2030-31. The per capita consumption of steel has increased from 57.6 kgs to 74.1 kgs during the last five years. The government has a fixed objective of increasing rural consumption of steel from the current 19.6 kg/per capita to 38 kg/per capita by 2030-31.