Rising demand for steel augurs well for a nations progress, asserts MD of SKS Ispat, Anil Gupta

The demand for steel is continuously increasing in India since the last few years. SKS Ispat MD, Mr. Anil Gupta expects the demand to augur well for the nation’s progress as it has attracted investors big time

The annual demand for steel is expected to rise from 126 million metric tons to 150 million metric tons by 2021. However, experts believe that the domestic consumption will tremendously accelerate from 150 million tons in 2021 to 300 million tons by the end of 2030.

The reason behind the increased demand is the wave of urbanization, which has engulfed the whole nation. It has not only enhanced the demand for steel, but has boosted the demand for copper and iron ore too. According Mr. Anil Gupta, the MD of SKS Ispat and power Ltd, private manufacturers can keep up with the nation’s requirements if they adopt the latest techniques to increase the production. This will not only help the nation’s cause, but will also help the manufacturers in gaining a foothold in the Indian market. Authorities are looking forward to increase the use of steel in structures, including water pipes and towers.

One can clearly see the change of events from April to September in this year. The finished steel output increased from 5 percent to 52 million tons while the consumption rose from 4.3 percent to 43 million tons from April to September. The usage climbed to 84 million tons from 3 percent in the financial year that ended on March 31. The pace was the slowest even as the production gained 11 percent. Mr. Anil Gupta has welcomed the change, because he believes that in favorable circumstances, the increasing demand of steel will surely benefit the Indian steel makers and bolster the country’s economy through investment and sustainability.

India is likely to produce around 146 million tons of steel in 2022, while Japan is likely to produce only 118 tons of steel. This means that India will be the second largest producer of steel displacing Japan on the list. With the much-needed stability, this sector is expected to attract more and more investors, which was lacking a few years ago, stated Mr. Gupta. But for long-term sustainability, the private sector will also need to make investments accordingly.