More steel scraps recycling centres and policies needed to support exports: Report

New Delhi, Apr 21 (KNN) According to the ‘Steel Outlook 2030-2047’ report prepared by Deloitte, India needs more steel scraps recycling centres and policies to support exports, reported The Hindu.

The report was released on the second day of the ongoing ‘India Steel 2023’ conference which is being organised by FICCI.

Currently, the steel Industry contributes approximately 2 per cent to the Indian GDP and provides employment to over 2 million people. 

The reported pointed out that the steel industry will get a boost from government spending on infrastructure as around 62 per cent of steel goes into infrastructure construction.

Centre in Union budget has announced around Rs 10 lakh crore of infrastructure spending, which is about 3.3 per cent of the GDP. The PLI schemes are impacting various sectors and there is a trickle-down impact on the steel industry also. 

Deloitte’s Steel Outlook report highlighted that the 2030 vision as per National Steel Policy is 300 mt of crude steel capacity and the impact on the industry would come from strong push towards sustainability in terms of decarbonisation, circularity, energy transition, and carbon capture.

Also, the carbon border adjustment mechanism in the EU will have a carbon tax on imports from any country that is higher carbon dioxide per tonne of crude steel.

Today, in India it is about 2.5 tonnes of carbon dioxide per tonne of crude steel, whereas in the EU it is about 1.8 and the U.S. is lower. 

“Clearly, there is going to be a challenge as discussion on green steel is happening,” it said.

In 2047, as per the report crude steel capacity would grow to 500 mt, and per capita consumption would to be about 220-225 kg.  (KNN Bureau)