India has been a major producer of ferro-alloys globally however over the past few years the industry has been crestfallen.
The ferro alloy industry has been under enormous pressure due to fluctuating demand, high power costs and competitive market conditions.
In the year 2022-23, production of ferro-chrome as per industry sources was reduced to about 0.8 million tonnes from 1 million tonnes produced in 2021-22. This Despite having a total production capacity of 5.15 million tonnes per annum.
The import of ferro-alloys accounted for 0.39 million tonnes during 2022-23.
Therefore Industry experts in the Manganese / Chrome Ores, EMD, EMM and Ferro Alloys Summit wherein Vizag Industrial Scan was the media partner urged that the industry must utilize its full potential and rise to new levels of technological competitiveness, utilization of green technology while increasing productivity.
The domestic ferro-alloys industry needs to be promoted through advanced market development approaches and suitable fiscal measures for overall growth of the sector.
‘The prospects for Ferro-alloys industry is bright provided innovations are made in the process technology and plant equipment design, and new cost effective product mix.
India is expected to show strong growth in usage of steel in the coming years because of its robust economy, massive infrastructure needs and expansion of industrial production.
In this scenario, it can be estimated that the consumption of Ferro-alloys will increase domestically and internationally in the coming years’ said Mr Sauvick Mazumdar, Vice president, FIMI.
