JSW Steel has launched a new coated steel product to boost India’s renewable energy sector and reduce reliance on imports. In FY24, India imported all 120,000 metric tonnes of this product.
JSW Steel has orders for 35,000-40,000 metric tonnes until July, with 15,000 metric tonnes already delivered, including 5,000 metric tonnes to Adani Green Energy.
“We aim to secure over 120,000 metric tonnes in domestic orders this fiscal year, expecting demand to double. We’ve delivered 15,000 metric tonnes in the first two months to clients like Adani Green Energy, Amplus Solar, Ayana Renewables, and Intech Solar,” said Sharma. “By FY26, we plan to achieve a 70% market share in this category.”
Market Domination
By July, JSW will supply another 5,000 metric tonnes to Adani Green Energy. They are also in talks with Reliance, NTPC, Whirlpool, LG, Samsung, and Haier. Currently, JSW holds a 71% market share in the solar sector with its steel products.
“JSW Magsure will help us seize new opportunities in India, support the government’s 2030 renewable energy goals, and the Atmanirbhar Bharat mission,” said Jayant Acharya, joint managing director and CEO of JSW Steel.
Forging New Frontiers
JSW Steel is the first Indian company to make and sell this alloy-coated steel product. This innovation and other value-added products will be made at their Karnataka and Maharashtra facilities, with a capacity of 0.9 million tonnes per year. JSW invested around ₹500 crore in these facilities.
Since 2020, the Indian Zinc-Magnesium-Aluminium alloy-coated steel market has grown from 15,000 metric tonnes to 120,000 in FY24. JSW expects demand to double to 250,000 tonnes in FY25, reaching a market size of ₹2,200 crore, driven by the renewable energy sector.
Galvanized steel, coated with Zinc, Magnesium, and Aluminium alloy, offers superior corrosion resistance, making it ideal for solar installations, silos, guardrails, AC components, and more.
JSW Magsure aims to reduce India’s import dependence by providing a Made in India product with quick delivery times.
Export Markets
JSW Steel is exploring export opportunities for JSW Magsure in Europe and the Middle East. This product is currently produced by a few global firms like ArcelorMittal, Nippon, and POSCO, using patented technologies. Most of India’s supply comes from South Korea and China.
JSW plans to export 30,000 metric tonnes of JSW Magsure this fiscal year. “The international market size is about 3 million tonnes. We’ve sent small test lots to Europe and plan to start exporting more by the third quarter of FY25,” the company stated.
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