The Federation of Indian Mineral Industries (FIMI) recently organized a conference on iron and steel challenges and opportunities  in Bengaluru.

Giving the welcome address Mr Shantesh Gureddi, President, FIMI highlighted the importance of the iron and steel industry in the country and said that the industry is an important component for economic development.

‘India is favourably endowed with 35.2 billion tonnes of iron ore resources, which is the main raw material to produce steel. India is also currently second largest steel producer in the world’ noted FIMI’s president.

He added that India’s crude steel production has expanded to 127 MT in financial year 2022-23 in comparison to 120 MT in 2021-22. 

Even though total Finished Steel production has increased to 121 MT in 2022-23 from 113 MT in 2021-2022, the per capita steel consumption is only 81.1 kg, which is much lower than the global average of 221.8 kg.

The National Steel Policy 2017 projected steel production capacity of 300 million tonnes with production of 255 MT of steel and steel per capita consumption of 160 Kg by 2030-31.

The policy also stipulates requirement of iron ore 437 MT with coking coal 161 MT by 2030-31. For achieving such an ambitious target, it is imperative that a roadmap for availability of raw material like iron ore, coal, manganese, chromite, ferro-alloys, SMS grade limestone, Dolomite should be in place.

Mr Gureddi informed that India is self-sufficient in so far as domestic iron ore requirement is concerned. However, in the matter of coking coal due to non-availability of quality coking coal domestically, around 80 % of the present requirement of coking coal is being met through imports. 

Therefore, it is important to have enhanced impetus on establishing the domestic coking coal reserve. Ministry of Coal has already planned to ramp up coking coal production under the Mission Coking Coal to reduce import of coking coal.

He further called for Increasing mineral production from operating mines to be crucial for ‘Atmanirbhar Bharat’ and ‘Make in India’.

However, without additional land for dumping, most of the mines are running out of space and unable to do scientific mining, owing to which mineral production is also restricted he said.

Mr Gureddi also said there is need for adoption of green technology, sustainable practices and decarbonization technologies.