For valuation purposes, a reasonable current approximation is:

- Global benchmark (BF-BOF integrated plant):

- ~US$1,000 per annual tonne of crude steel capacity (replacement cost benchmark for blast-furnace based capacities). (jswsteel.in)

- For 1 million tonnes per annum (1 MTPA):

- ≈ US$1.0 billion

- At ~₹90/USD, ≈ ₹9,000 crore.

- Indicative Indian capex examples (recent announcements):

- Godawari Power: 2 MTPA integrated plant for ~₹6,000 crore → ~₹3,000 crore/MTPA (~US$330/tonne). (business-standard.com)

- Lloyds Metals: >4 MTPA integrated plant for ₹20,000–22,000 crore → ~₹5,000–5,500 crore/MTPA (~US$550–610/tonne). (m.economictimes.com)

- Large greenfield with port & infra (AM/NS Andhra): ₹1.47 lakh crore for ~7.3 MTPA phase-1 → >₹20,000 crore/MTPA (>$2,000/tonne) including captive port and extensive infra. (timesofindia.indiatimes.com)

Practical rule of thumb (India, 2025):

- For 1 MTPA of new integrated steel capacity, a replacement cost range of ~₹4,000–9,000 crore (≈US$0.45–1.0 bn) is broadly consistent with:

- Global replacement cost benchmark (~US$1,000/t), and

- Recent Indian capex numbers (₹3,000–5,500 crore/MTPA for typical plants, higher where captive ports/mines are bundled).

Analysts often use the mid-band ~₹6,000–7,000 crore per 1 MTPA as a working replacement-cost assumption for an integrated BF-BOF steel plant in India, adjusting up or down for technology (EAF/DRI vs BF), brownfield vs greenfield, and captive infra.

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