India's new steel policy will be released to the public soon, setting a 20-year roadmap for the industry that targets 600 million tonnes per annum (Mtpa) of steel capacity by 2047, a steel ministry official said on September 29, according to Reuters.

The draft policy aims to reduce the sector's average carbon emission intensity to about 1.54 tonnes of CO2 per tonne of crude steel from the current 2.54 tonnes, in line with India's goal of achieving net-zero emissions by 2070.

The steel ministry expects iron ore demand to reach 772 million tonnes and plans to secure high-grade iron ore reserves by pursuing foreign assets and joint ventures. Coking coal demand is projected at 214 million tonnes, with the government planning to diversify coking coal sources through "strategic global outreach" and overseas asset acquisitions.

Sandeep Poundrik, secretary of India's steel ministry, told reporters on the sidelines of an event that raw material supply and exports are the main challenges facing the steel industry, especially as countries raise trade barriers, Reuters reported.

India's National Steel Policy 2017, released in May 2017, had set a target of doubling the country's crude steel capacity to 300 Mtpa by the 2030-2031 fiscal year.

As of the 2026 fiscal year (April 2025 to March 2026), India's crude steel capacity had risen to 220 Mtpa. From April to August this year, India was a net importer of finished steel, with imports of 3.5 million tonnes, up 29.5% year on year.