India targets 604 MT steel capacity by 2047, plans to cut carbon intensity: Report

India's government has introduced a draft steel policy for public consultation, targeting a steel capacity of 604 million tons by 2047. The policy aims to reduce the carbon-emission intensity for crude steel production from 2.54 tons to 1.54 tons. It also plans to secure access to high-grade iron ore reserves through joint ventures and foreign assets. Coking coal demand is expected to reach 236 million tons, necessitating diversifying sourcing strategies.