India’s crude steel headed north by 14% in FY’24 to 144 mnt compared to 126 mnt in FY’23. The growth was undoubtedly spearheaded by the IFs whose output grew 25% to 50 mnt against 40 mnt in FY’23 while the EAFs showed 12% growth to 31 mnt. Capacity expansion of around 10 mnt by major IF players contributed to the increase in output too. Further, IF mills with captive sponge iron plus waste heat recovery plants reaped better margins amid the fall in coal prices, encouraging higher production.
