India’s growth in steel production was the highest last year among the major producing nations.
l Association (WSA), the difference in production between Japan and India has narrowed to just 1.8 MT in the first four months of the current year. During the same period last year, the gap was 3.64 MT and in 2015, it was 5.1 MT.
The gap is set to shrink further as India’s production has been growing at a faster pace than that of Japan.
While India’s production grew by a whopping 7.1% during the four-month period of the current year, Japan’s growth was only 1.9%.
In April, India’s steel production growth outpaced Japan.
While India’s production grew by 4.8% during the month, Japan’s was 3%.
India has been holding the third position in the world order of steel production since 2015 by surpassing the US.
While India’s production is on the rise, Japan’s steel production has been on the wane to 105 MT last year from its peak of 111 MT in 2014.
On the other hand, India’s production has been increasing to touch 95 MT last year, recording 7.4% growth over 2015.
India’s growth in steel production was the highest last year among the major producing nations. India’s present steel-making capacity stands at 126 MT, which is likely to go past 150 MT by 2020. The government is targeting to add another 150 MT steel capacity in the country over the next 10 years. Meanwhile, world’s steel production during the January-April period of the current year grew by 5.2% at 550 MT. China produced more than half of the global output at 274 MT in these four months.
In the month of April this year, China’s production was 73 MT, a 4.9% growth over the same month last year.
Among the major producing nations, production in the US rose by 2.9% during the four month period to 27 MT.
Russia’s production was up by 3.4% to 24 MT.
Korea produced 23 MT steel during the January-April period clocking a growth of 2.8%.