India tops in steel output growth in October

Kolkata: An improvement in overall business sentiment, the government's announcements on big-ticket investment in infrastructure and a post-monsoon pick-up in demand led India to post the fastest growth in steel production globally in October.

At 8.5 per cent, India's pace of growth was also the fastest among the major steel producing countries, including the top three producers China, Japan and the US, all of which saw decline in steel output during the month. India produced 7.08 million tonne (mt) steel in October, compared to 6.52 mt in year-ago period. According to monthly data compiled by World Steel Association (WSA), which represents 65 steel producing nations, China, largest producer of steel, reported a 0.3 per cent fall in production during October to 67.5 mt. Similarly, steel output declined 1.7 per cent to 9.4 mt in Japan and 0.7 per cent to 7.3 mt in the US in October.

The top four steel producers, including India, contributed over 91 mt to world's total production of 136.7 mt steel during October, a month when global output remained flat. Elsewhere in Asia, South orea produced 6.2 mt of steel, up 4.5 per cent over the corresponding month last year.

Even as China, Japan and US reported lower growth, Russia posted a 1.6 per cent growth in October compared to the yearago period. Among European Union nations, Germany produced 3.5 mt of crude steel in October, a decline of 5.9 per cent over the year-ago period.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.