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
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?