India’s Steelmaking raw material forecast for FY’25

India’s crude steel production is expected to grow by a moderate 6% to 152 million tonnes (mnt) by end of financial year 2024-25 (FY’25), as per BigMint’s forecast.Volumes in FY’24, it may be recalled, were at 144 mnt.The 6% rise in crude steel consumption envisages a 9% increase in hot metal production to 95 mnt against the 87 mnt seen in FY’24.As per the estimates, demand for iron ore in the current fiscal is thus likely to increase by 9% to 255 mnt in FY’25.Domestic production of this raw material is set to rise by around 10% in FY’25 to about 305 mnt.