India's Ministry of Steel has announced that the country is on course to achieve its target of 300 million tons of steel production capacity per year by 2030, as outlined in the 2017 National Steel Policy. Steel plants with a combined capacity of 34 million tons are expected to be operational before 2030, facilitating this goal. Challenges include procuring raw materials, particularly the beneficiation of lower-grade iron ore, with cost economics influencing the shift towards using iron ore with lower iron content.
To support the industry, the Ministry is proposing an increase in the basic steel import duty from 7.5% to 10-12%. Additionally, discussions on border tax adjustments with major steel manufacturers are suggested. The steel industry is encouraged to improve competitiveness through investments in technology, such as artificial intelligence and digital tools, to enhance efficiency and reduce costs.
