The future of Iron and Steel industry in India
Growing economies and their fast-paced infrastructure projects are increasing the demand in the iron and steel industry across the world. Suppliers are also prepping up to meet these demands. From procurement and production to costing and supply, there are several departments where the iron and steel industry needs capable professionals.
Current Market Scenario
SAIL, Tata Steel, JSW Steel etc. are some of the leading steel companies in India. Indian Steel industry showed tremendous growth after the liberalization of the sector in the 1990s. High-grade iron ore and non-coking coal, the two main ingredients for producing steel, are easily available in India. Moreover, a robust MSME sector with labor availability at competitive rates and a young workforce has led to the growth of steel industry in India.
Future Growth for Iron and Steel
As per the World Steel Association insights, demand for steel will see a slow decline in China while India along with MENA and ASEAN countries will grow. The growth of the countries will depend on the structural reforms in the sector and the successful implementation of government reform policies.
Globally, technological changes and regulations are affecting the steel demand. Energy prices and substitute materials along with environmental protection policies are affecting the global demand. At the regional level, urbanization, government reforms, and manufacturing processes are creating an impact on the iron and steel demand.
Bureau of Indian Standards (BIS) is the quality standard followed in India to inspect sub-standard and defective steel in the market. Professionals in the iron and steel industry must be aware of the BIS quality standard in order to maintain them.
Leading steel companies provide adequate training of BIS guidelines and other global quality standards from time-to-time to upgrade the skills of in-house talent.
India Vision 2030
According to the Global Steel Market outlook report, the steel demand will increase from 1537 MT in 2014 to 1992 MT in 2030.Infrastructure development in developing economies will increase the demand for iron and steel in the years to come.The pricing of steel is based on the demand-supply market gaps, global steel prices and the rates of raw materials.
Generally, market gaps in meeting the demands for steel are managed with the import of steel. The Indian Steel Industry is expected to flourish with the National Steel Policy 2017. As per the policy, domestic manufacturing will be given more preference. The policy charts a growth plan for the Indian Iron and Steel industry with the demand and supply side growth by 2030-31.
Problems due to Environment Health & Safety Issues
Working with metals is not an easy task. Quality grades have to be maintained as per set quality standards. There can be industrial waste that has to be disposed carefully to avoid minimum damage to the environment. Safety gear should be provided to production floor staff to avoid mishaps. And safety inspectors have to follow the safety protocols to avoid damage to life and property.
Iron and Steel continues to be a flourishing industry. Grab the opportunities in this industry with the required knowledge to make the most of it. Training programs can empower the professionals in this industry to tackle the challenges that they may come across in meeting the rising demands of this industry.
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