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NSP, A Pathbreaking Opportunity For Indian Steel Industry

It is a matter of great satisfaction that National Steel Policy 2017 prepared by steel ministry has been approved by the government for implementation. The earlier policy drafted in 2005 needed revision in view of the sweeping changes happening in the global and national economy impacting the demand and supply perspectives of the material, pricing and availability of raw inputs, technological breakthroughs in user segments necessitating changes in the technology of steel making and emergence of new high value added steel. The capacity targets envisaged in the document has clearly set out the availability of principal raw materials required for production by 2030-31.

The emergence of new technology in the field of non-conventional energy like solar power, more availability of natural gas for energy as well as for steel making, more beneficiation and use of pellets in the BFs may result in a paradigm shift in the current norm of consumption and change the pattern of coking coal and iron ore demand in the next 5-7 years. This is good news as it would somewhat ease the logistic pressure on movement of raw materials and reduce the cost of production. The long term plans for Railways, Coal India may have to be reworked based on these technological interventions.

The capacity augmentation plan in NSP is crucially dependent on how Indian economy shapes up in the next decade to generate adequate demand for steel. From the various development planning schemes being undertaken by the government in areas of rural and urban development, affordable housing, smart cities, defence procurement, Make in India, dedicated freight corridors, metro rail network, Sagarmala and port led growth programmes, it is apparent that apart from requirements for standard grades of steel, there would be enormous scope for high performance low weight steel to influence the buying pattern by these sectors desirous of their end products/structures look innovative, sleek and in tandem with the state-of-the-art technology.

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