Tata Steel Highlights Potentials of Domestic Steel Market in India

India-based Tata Steel has highlighted the potentials of domestic steel market in India.

While participating in the webinar series ‘India After COVID-19’ organised by IIM Indore and Free Press Journal, T.V. Narendran, CEO and Managing Director, Tata Steel noted that India is currently a 100 million tonnes producer and consumer of steel. He foresees huge potential for domestic steel market, despite fears that steel demand may drop this year due to Covid-19 pandemic.

As per government estimates, the country’s steel production and consumption is estimated to be around 300 million tonnes over the next 10-15 years, tripling from the current levels. This is possible if the government focuses on previously announced steel-intensive infrastructure projects. The latest data suggests that domestic steel production has improved significantly in June over May.

The Chinese steel industry has recorded rapid recovery post Covid-19, with demand touching new highs. Incidentally, much of the steel exported from India were destined to the Chinese market over the past few weeks. The country has now become importer of Indian steel. This was not the case before around three to four years, when China used to dump their cheap steel products to the Indian market.