India’s metallic mix for crude steel production continued to evolve in CY’24, shaped primarily by an 11% y-o-y rise in direct reduced iron (DRI) yield, which far outpaced the 3% y-o-y growth in hot metal output. Last year, 50% of India’s crude steel was produced using hot metal, 29% via DRI, and the remaining 21% through ferrous scrap. DRI consumption rose by 11% y-o-y in CY’24, aided by rapid capacity expansion by DRI producers, an increased focus on sustainable steel production, lower imports of scrap amid protectionist trade policies globally, and availability and pricing concerns.
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