Tata Steel highlights potential for domestic steel market in India

India-based Tata Steel spoke about the potential of the domestic steel market in India.

By participating in the India Post-COVID-19 Series of Webinars hosted by IIM Indore and the Free Press Journal, T.V. Narendran, CEO and Managing Director, Tata Steel noted that India is currently a producer and consumer of 100 million tonnes of steel. He foresees huge potential for the domestic steel market, despite fears that steel demand could fall this year due to the Covid-19 pandemic.

According to government estimates, the country's steel production and consumption in the next 10-15 years is estimated at about 300 million tons, which is three times higher than current levels. This is possible if the government focuses on the previously announced intensive steel exploitation projects. According to the latest data, steel production in the country improved significantly in June compared to May.

The Chinese steel industry has shown a rapid recovery from Covid-19, with demand reaching new highs. By the way, most of the steel exported from India has been destined for the Chinese market over the past few weeks. The country became an importer of Indian steel. This was not until three or four years later, when China exported its cheap steel products to the Indian market.