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“Make in India” to Rely Heavily on Chinese Steel Imports

Date 24-November-2014
Subject “Make in India” to Rely Heavily on Chinese Steel Imports

DELHI – Steel consumption in India is forecast to grow at record rates in accordance with Indian Prime Minister Narendra Modi’s “Make in India” campaign. Indian steel buyers have caused consumption to grow at its fastest pace in 5 years, and this trend is expected to continue with Indian raw-alloys growing scarce.

The Indian government, while a strong exporter of iron ore, has an insatiable appetite for steel. India’s steel imports from China alone doubled in April-September. The “Make in India” campaign seeks to transform India into an exporting hub and the inflow of steel from China will be used to revitalize its wavering manufacturing capacity.

With crude stainless steel production at 3 million tonnes, India ranks as the third largest producer of stainless steel. Low per-capita steel consumption of 2.1 kg compared to the world average of 5 kgs show that there is potential for long-term growth, but sluggish progress in infrastructure and a growing demand for steel across numerous sectors have proven to be major obstacles.

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