The administration of the Indian state of Andhra Pradesh, located on a central stretch of the coast of the Bay of Bengal, news announced that it will begin construction of a state-owned India steel plant in the Kadapa region on December 26.
The project for the construction of this enterprise with a capacity of 1.7 million tons per year was first announced in 2014, but two previous attempts to begin construction, including through public-private partnerships, failed.
However, this time the head of the government of Jagan Mohan Reddy said that the plant will be built within three years. A land plot has already been allotted for him, which is very important for India with its land shortage, and an agreement has been signed with the state iron ore company NMDC on supplying the future enterprise with raw materials.
The World Bank will take part in the implementation of the project. He is ready to help the state administration with a loan of $ 70 million to finance the water supply system in Kadapa.
India may increase steel production to 300 million tons by 2030, this requires 600 million tons of raw materials and $ 180.9 billion investment this news was stated by Harvinder Singh, Sales and Marketing Director of Jindal Steel & Power Ltd.
According to him, the Indian government should engage in the development of inland waterways, which will ensure the necessary amount of raw materials at affordable prices.
The Governor of West Bengal (East India), Jagdip Dhankhar, believes the goal is quite attainable. According to him, Steel Authority of India – the largest state-owned steel concern in India – announced news its intention to increase production capacity from the current 20 million tons to 50 million tons.
Indian Steel Minister Dharmendra Pradhani previously announced news the country’s intention to become a net exporter of steel in 3 years. According to him, the production capacity of the country of India is 140 million tons, and production – 100 million tons. Moreover, in 2020, India can also reduce the growth rate of steel consumption.
Indian steel market analysis: https://steel.gov.in/overview-steel-sector
Other information about India steel market: https://tradingwm.ae/india-may-impose-duties-on-certain-types-of-steel/