India’s crude steel output grows 46.9 pc to 9.2 mn tonnes in May: worldsteel

By: |
June 27, 2021 2:50 PM

China remained the global leader in the production of steel in May, registering 6.6 percent year-on-year growth in output at 99.5 MT during the month.

Concerned about the rising cost of the raw material, some of them have requested the ministry of road transport and highways (MoRTH) to consider the inclusion of cost escalation clauses for projects awarded before FY21, India Ratings said in a report.

India registered a 46.9 per cent year-on-year growth in its crude steel output at 9.2 million tonnes (MT) in May, according to worldsteel data.

The country had produced 5.8 MT steel in the same month a year ago.

“The production of the 64 countries reporting to the World Steel Association (worldsteel) was 174.4 MT in May 2021, a 16.5 per cent increase compared to May 2020,” the global industry body said in its latest report.

China remained the global leader in the production of steel in May, registering 6.6 percent year-on-year growth in output at 99.5 MT during the month.

According to the worldsteel data, China had produced 92.3 MT of steel in the same month last year.

Last month, Japan’s output increased to 8.4 MT from 5.9 MT in May 2020. The US produced 7.2 MT steel in the month under review. Its output was at 4.8 MT in May 2020. While Russia’s output last month was at 6.6 MT, South Korea produced 6 MT, Germany 3.5 MT, and Iran 2.6 MT.

Turkey and Brazil both produced 3.2 MT of crude steel each in May 2021. With members in every major steel-producing country, Brussels-based worldsteel represents steel producers, national and regional steel industry associations, and steel research institutes. Its members represent around 85 percent of the global steel production.

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