India only top-6 producer with higher steel output

By: | Published: November 21, 2015 12:29 AM

India remained the only steel-producing country, among the top six in the world, to record a positive production growth in the January-October period of the current year.

Steel safeguard dutyIndia remained the only steel-producing country, among the top six in the world, to record a positive production growth in the January-October period of the current year. (Reuters)

India remained the only steel-producing country, among the top six in the world, to record a positive production growth in the January-October period of the current year. With 3.3% growth in production at 75.07 MT during the 10-month period, the growth rate outpaced China, Japan, the US, South Korea and Russia — all clocked negative growth in the range between 0.2% and 8.8%.

According to the World Steel Association, a leading global industry body, during the period, steel production fell in China by 2.2% to stand at 675 MT, 5.1 % in Japan to 87.81 MT and in South Korea by 3.6% to 57.67 MT. In the US, production declined by 8.8% and in Russia, by 0.2% 59.3 MT.

The global average was also down by 2.5% during the January-October period. A total of 1,346 MT steel was produced during the period globally. During October also, India’s production was on the positive side while all other leading producing nations recorded negative growth. During the month, India’s steel production grew by 4.9% to 7.5 MT while the world’s average production declined by 3.1%. Chinese production fell by 3.1% to 66.12 MT. Japan produced 9 MT of crude steel in October, a decrease of 3.8% compared to the same month in 2014.

In the EU, Germany produced 3.6 MT steel in October, an increase of 2.7% compared to October 2014. Italy’s crude steel production was 1.9 MT, down by 8.6%. In October, Russia produced 5.7 MT steel, down by 2.4% over October 2014. The US produced 6.7 MT, a drop of 8.8% compared to the same month last year.

“The crude steel capacity utilisation ratio for October 2015 was 68.3%. This is 3.4 percentage points lower than October 2014. Compared to September 2015, it is -1.0 percentage point lower,” WSA said.

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