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India’s steel imports may go up by more than eight times to 50 million tonnes to make up for the anticipated 200 million tonnes demand by 2020, a senior industry official on Friday said.
“Steel imports may be 40-50 million tonnes by 2020 as the demand is likely to go up to 200 million tonnes against 150 million tonnes of domestic production,” said Mr V R Sharma, Deputy Managing Director, Jindal Steel and Power.
India had imported around six million tonnes of steel in the 2011-12 fiscal.
The imports, mainly from China, Japan, South Korea, the US and Europe, are mostly flat products which find application in the automotive and fast—moving consumer durable (FMCG) sectors.
Mr Sharma said that though around 200 million tonnes steel production was earlier envisaged by the government by 2020, production will fall short by around 50 million tonnes due to delays in land acquisition and environmental issues.
Mr Sanak Mishra, CEO, Green Projects, ArcelorMittal India, said India’s steel demand is likely to go up to 90.6 million tonnes by 2015-16 and the consumption for both long and flat products would be almost equal.
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