The strength and growth of the steel industry is an indication of the economic development of the country. From housing, transportation to construction, the steel industry has a stronghold in all form of industries in the country. In 2016, India was world’s third largest producer of steel and by 2020 it’s expected to take on the second spot. Here are a few more interesting facts on the Steel Industry:
1. Do you know that between January to March 2017, the crude steel output of India increased about 10.7% year-on-year and stood around 25.76 million tonnes? In 2016-17, the finished steel exports of India also increased about 102.1% and stood around 8.24 metric tonnes.
2. In India, the steel industry has grown by more than 400% and reached the capacity of 122 Million Tonnes. Also, the production level of steel in 2015-16 increased to 89 million tonnes. Even during the global economic slowdown in 2008-09, the India steel industry remained buoyant.
Source: http://ficci.in/spdocument/20888/Steel-Report-2017.pdf
3. The government has also increased the import duty from 10% to 12.5% on flat steel. In case of long steel, the import duty has been increased from7.5% to 10% and for semi-finished steel, it has been increased from 7.5% to 10%.
Source: https://drive.google.com/file/d/0B-Tv7_upCKANLVp6N0N3czhYa00/view
4. The Indian steel industry also has huge advantages in terms of availability of iron ore of higher grades. India also has a vast resource of high-quality non-coking coal. These two components are crucial for steel production.
Source: http://ficci.in/spdocument/20888/Steel-Report-2017.pdf
5. In India, the largest consumer of steel is the construction sector. It is estimated that by 2020, the construction sector will account for more than 35% of the total market share. Steel (especially TMT bars) is extensively used for constructing towers, buildings, shopping malls, petrol refineries, and residential houses.
Source: https://www.technavio.com/report/india-metals-and-minerals-indian-steel-industry-2016-2020
TMT bars are one of the key materials widely used in the construction sector. TMT bars ensure high strength on structural foundations and that’s why it’s imperative to get TMT bars only from the top and reliable TMT bar manufacturers. If you are a builder or planning to start constructing your home, you can consider buying TMT bars by SRMB Steel. For more details on SRMB TMT bars, visit https://www.srmbsteel.com/tmt-bars.
TMT Bars of India 