India only country among world’s top 5 to register rise in steel production in April – ET Infra


NEW DELHI: India is the only country among the world’s top steel producing nations to post a growth in steel production during April this year, according to figures compiled by the World Steel Association.

India, the second-largest steel producer in the world next to China produced 12.1 million tonnes of steel which represented a 3.6 per cent increase over the same month of the previous year.

According to economists, the growth in India’s steel production reflects the higher level of economic activity taking place in the economy.

Large infrastructure projects in the road, rail and ports sectors that are being implemented by the government to push growth and create employment in the country use large quantities of steel as an input.

Similarly, the demand for products such as cars, two-wheelers and commercial vehicles that have been growing in the economy also leads to an increased demand for steel as a raw material.

India has emerged as a bright spot amid the global slowdown and the steel sector is a reflection of this.

The World Steel Association data show that Japan produced 7.1 million tonnes (MT) of steel, down 2.5 per cent.

The US produced 6.7 MT, down 2.8 per cent.

Russia is estimated to have produced 6.2 MT, down 5.7 per cent and South Korea produced 5.1 MT, down 10.4 per cent.

China, which has massive excess capacity in steel and has run into the US tariff barrier for its exports, recorded a 7 per cent decline in production to 85.9 million tonnes.

There is serious concern worldwide that China may now resort to dumping its excess steel at cheap prices in other countries as it has lost the US market.

  • Published On May 24, 2024 at 04:22 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Open chat
1
How May I Help You.
Scan the code
Vishwakarma Guru Construction
Hello Sir/Ma'am, Please Share Your Query.
Call Support: 8002220666
Email: Info@vishwakarmaguru.com


Thanks!!