Understanding the demand for Green Steel, page-443

As Indian steel production takes off, its metallurgical coal demand will disappoint Australian miners | IEEFA

Key findings

• India will replace China as the key steel growth market.
• The increase in metallurgical coal imports into India will be significantly limited by increasing use of green hydrogen in its steel industry, especially after 2030.
• India is also seeking to diversify metallurgical coal import sources away from Australia.
• Long-term metallurgical coal trade faces challenges from technology change and energy security concerns.

India is seen by coal miners as the key future export destination, with steel demand set for significant growth as Chinese demand enters permanent decline. Much of India’s planned increase in steel making capacity is based on coal-consuming blast furnaces.But India’s energy security concerns will steer it towards making steel using domestically produced green hydrogen as it gets cheaper. India’s National Green Hydrogen Mission aims to make it one of the world’s leading producers, reducing reliance on imported fossil fuels.According to IEEFA India and JMK, green hydrogen will be used in 12% of Indian steel making by 2030 as coal’s share of steel production drops to 70%, down from 92% in 2021.

The report finds that by 2050, green hydrogen will account for 42% of steel production and coal 29%. Scrap steel recycling is the next biggest route at 16%. By 2070, no coal will be used in Indian steel making according to the report (Figure 1)."

Seems logical that they will need more magnetite > Coal as india will have plenty of hydrogen. Wait...that means...GO MGT!