India aims to boost steel capacity by acquiring raw material assets abroad, focusing on the coal chef and iron ore. Photo credit: Reuters
India is encouraging companies to acquire iron mineral, co -coal coal and other key assets of raw materials abroad, Steel Secretary Sándep Poundrik said on Saturday, as the country increases its steel capacity to meet the growing demand.
“We are encouraging our companies to acquire assets abroad, from iron ore to coal for even limestone and dolomite,” Poundrik said in an industry event in Mumbai. “The titulization of the raw material is the most important aspect of steel creation.”
India, the second largest raw steel producer in the world, aims to increase its general steel capacity to 300 million tons by 2030, compared to approximately 200 million tons currently.
To support this expansion, it is projected that Coque coal imports increase to 160 million tons by 2030 of around 58 million tons now, Poundrik had projected on Friday.
Despite an increase in steel production, Indian coal imports fell 0.7 percent in the fiscal year that ended in March due to low shipments from Australia and the United States, Bigmint’s basic products consultant said.
India is based on imports to meet 85 percent of its coke coal needs, and Australia supplies more than half or shipments.
In an attempt to diversify the supply, India has also been exploring associations with Mongolia. However, logistics challenges remain the country’s supply material without coast, Poundrik said.
The state mining of India, NMDC, is exploring cooking coal assets, in Indonesia and Australia, President Amitava Mukherjee said Thursday.
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Posted on April 26, 2025