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【Ferro-alloys.com】:The Economic Survey for 2023-24 underscores the pivotal role of green steel in the future of the industry as the global economy shifts towards reducing carbon emissions.

Green steel production focuses on using renewable energy sources and reducing the dependence on fossil fuels. The Survey, presented in Parliament on Monday, emphasized that green steel is positioned to significantly reshape the steel industry as part of the move towards a low-carbon economy.

lt was also emphasized that the Indian steel sector contributes 12% of the country's greenhouse gas emissions with a C02 emission intensity of 2.5 tons per ton of crude steel. This figure is well above the world average of 1.9 tons.

Throughout the first three-quarters of FY24, India remained a net importer of steel due to differences in international and domestic prices. Lower prices in global markets reduced the profitability of exports and made imports more attractive, adversely affecting the trade balance in the steel sector.

The Survey also revealed an increase in the import dependence on coking coal, a vital raw material for steel production, from 56.1 million tons in FY23 to 58.1 million tons in FY24. It also noted that many of the technologies needed to achieve global net zero emissions are not yet commercially available. The survey emphasized the need for more international cooperation in research and development.

• [Editor:Alakay]