INDIA May 10 2017 2:55 PM
MUMBAI (Scrap Register): High value added Steel production in India is expecting a upward growth as the demand is expected to drive by the domestic production in defence, ship building, renewable energy and automobile sectors under the make in India program.
India which is self sufficient in commercial grade steel, recently raised India's production capacity to 118 million tons in 2015/16 from 110 million tons in the previous year.
A major instability in the steel sector of the country is lack of high value added steel production capacity. With the make in India program, this instability is expected to increase.
India's Steel consumption is expected to increase to 85.5 million tons in the 2016-17 fiscal, which is an increase of 5.3 percentage year on year, as per CRISIL forecast. Sort term steel demand is also estimated to increase at 4.5 to 5.5 percent up to 2020-21.