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Piyush Goyal, the Minister of Commerce and Industry held a meeting with stakeholders from the steel and metallurgical coke industries to discuss the ways to boost production and enhance global competitiveness among others, the minister added in a social media post on Monday.
As per the post, both parties talked about how the industry might increase output, improve quality, and further promote global competitiveness. "Held a meeting with stakeholders from the steel and metallurgical coke industries along with my colleague & Minister of Heavy Industries and Steel @HD_Kumaraswamy ji. With both industries playing a vital role in India's development journey, discussed ways to boost production, enhance quality, and further strengthen global competitiveness," he added in the post on X.Union Minister of Heavy Industries, HD Kumaraswamy was also present at the meeting with the stakeholders of the industry. Earlier in November, speaking at the Curtain Raiser-FICCI's 97th AGM and Annual Convention, the steel secretary, Sandeep Poundrik had stated that India needs to develop about 300 million tons of steel capacity by 2030, which is at present at 100 and 80 million tons at present. He stated that there is no problem on the demand side, adding that the per capita consumption in India is approaching 100 kgs per person, which is an inflection point, as around this level of steel consumption, the growth of countries increases significantly. He further added that the country will become a net importer of steel if our industry doesn't increase production. Talking about the import of steel in recent months, the Steel Secretary highlighted the dumping in the international markets, which is impacting the steel prices in the international markets. Separately, Axis Securities in its recent report added that Indian steel companies are likely to face margin pressure in the third quarter of financial year 2025. The report stated that the weak demand in China and higher exports from the country have been identified as key factors behind the decline in steel prices. The report highlighted that Chinese steel exports reached 92 million tonnes per annum (MTPA) between January and October 2024, marking a 22 per cent year-on-year increase. This has led to an oversupply in the global market, weighing down prices domestically. (ANI)
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