Steel demand in various industry sectors falls 5% in FY21
Steel

Steel demand in various industry sectors falls 5% in FY21

Steel demand in sectors such as infrastructure, automobiles, and engineering fell by more than 5% to 94.9 million tonnes in the fiscal year ending March 31, 2021, according to a report presented to Parliament on Monday.

During the 2019-20 fiscal year, the building and construction sector, as well as infrastructure, automobile, engineering and packaging, and defence, consumed 100.2 million tonnes (mt) steel, according to Steel Minister Ram Chandra Prasad Singh, who was responding to a question in the Rajya Sabha.

According to information provided to the House by Singh, the building and construction sector consumed 41 million tonnes of steel in 2020-21, compared to 43.4 million tonnes in 2019-20.

In the infrastructure sector, demand dropped to 23.8 mt from 25.1 mt a year ago.

In 2019-20, the engineering and packaging industry consumed 20.9 metric tonnes of steel, compared to 22 metric tonnes in the previous year.

The demand from the automobile industry was 8.4 mt in 2020-21, down from 8.8 mt the previous fiscal year.

Demand in the defence industry fell to 0.9 mt in the 2019-20 fiscal year, down from 0.8 mt the previous year.

Singh said the government is taking several steps to help steel-consuming industries meet demand.

According to Singh, the government has prioritised infrastructure development through programmes such as the National Infrastructure Pipeline (NIP), Housing for All, Jal Jeevan Mission, Bharatmala Project, Sagarmala Project, Construction of Dedicated Freight Corridor, and the UDAN initiative.

The ministry has also been engaging stakeholders from a variety of industries, including housing and construction, infrastructure, urban development, railways, defence, oil and gas, rural development, and food processing, to promote steel usage and increase demand.

Image Source

Also read: India to break steel demand record as economy recovers

Steel demand in sectors such as infrastructure, automobiles, and engineering fell by more than 5% to 94.9 million tonnes in the fiscal year ending March 31, 2021, according to a report presented to Parliament on Monday. During the 2019-20 fiscal year, the building and construction sector, as well as infrastructure, automobile, engineering and packaging, and defence, consumed 100.2 million tonnes (mt) steel, according to Steel Minister Ram Chandra Prasad Singh, who was responding to a question in the Rajya Sabha. According to information provided to the House by Singh, the building and construction sector consumed 41 million tonnes of steel in 2020-21, compared to 43.4 million tonnes in 2019-20. In the infrastructure sector, demand dropped to 23.8 mt from 25.1 mt a year ago. In 2019-20, the engineering and packaging industry consumed 20.9 metric tonnes of steel, compared to 22 metric tonnes in the previous year. The demand from the automobile industry was 8.4 mt in 2020-21, down from 8.8 mt the previous fiscal year. Demand in the defence industry fell to 0.9 mt in the 2019-20 fiscal year, down from 0.8 mt the previous year. Singh said the government is taking several steps to help steel-consuming industries meet demand. According to Singh, the government has prioritised infrastructure development through programmes such as the National Infrastructure Pipeline (NIP), Housing for All, Jal Jeevan Mission, Bharatmala Project, Sagarmala Project, Construction of Dedicated Freight Corridor, and the UDAN initiative. The ministry has also been engaging stakeholders from a variety of industries, including housing and construction, infrastructure, urban development, railways, defence, oil and gas, rural development, and food processing, to promote steel usage and increase demand. Image Source Also read: India to break steel demand record as economy recovers

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000