India’s iron ore consumption is slated to increase to 255-260 million tonnes (mnt) by financial year 2024-25 (FY25), as per a SteelMint forecast. In FY2019-20 (FY20), iron ore consumption was at around 185-190 mnt. This indicates that the jump in FY25 compared to FY20 would be over 35%.
This will come in largely in the form of hot metal production through the blast furnace route. India is the second-largest steel producer, after China. Its steel manufacturers are in various stages of capacity expansion.
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