India's steel demand is projected to grow at a compound annual growth rate (CAGR) of 7% to 190 million tonnes by 2030, according to a report released by the consultancy firm SteelMint India.

Construction and infrastructure sectors will be the major contributors, accounting for 60-65% of the demand, driven by population growth, urbanization, and government initiatives.

The country's steel demand could potentially reach 230 million tonnes by 2030 in the best-case scenario. By the end of 2023, the demand is expected to touch 120 million tonnes, with production reaching 136 million tonnes.

Crude steel output in India is predicted to reach 210 million tonnes by 2030, a 45% rise compared to the 2023 level. In contrast, several other countries, including China, may witness a decline in their steel production due to their current high levels.

SteelMint anticipated the steel production via the Blast Oxygen Furnace (BOF) route to increase, aiming for 140 million tonnes of molten iron output by 2030, which will require 116 million tonnes of metallurgical coal.

India is expected to become the largest importer of seaborne metallurgical coal, with a market share of 30%. SteelMint further estimated that the country to demand around 350 million tonnes of iron ore by 2030.

The India's government plans to increase 80 million tonnes per annum (Mtpa) of domestic installed steelmaking capacity to 300 Mtpa by 2030, with 66% or of the new capacity through the Blast Furnace-Basic Oxygen Furnace (BF-BOF) route. Currently, BOF and Electric Arc Furnace (EAF) take 46% and 54%, respectively, to the steel production in the country.