INDIA July 24 2017 1:06 PM
MUMBAI (Scrap Register): India is looking forward reach the mark of 300 million tons in the Steel production by 2030, as per the forecast by National Steel Policy 2017, but they have to overcome many challenges in order to reach the target.
Currently, India produces about 90 million tons f Steel per year. To keep down the input cost in the Steel production and to maintain high quality Steel for the industry to be competitive is the main challenge to get past.
"As far as coking coal is concerned, we have little choice as it has to be imported from other countries, but we have sufficient reserves of iron ore. But the challenge is to produce ore in a cost-effective manner and supply it to the steel industry. The landed cost of ore has to be reasonable for the industry to be competitive," as per N.K. Nanda, the Director, National Mineral Development Corporation (NMDC).
It is believed that in order to get to the target supply cost would have to be brought down drastically to make the Steel industry competitive. Also captive mining of ore may not be of much use to the steel companies in the present situation.