Global steel output fell 2.9 pc in Jan, India bucks trend

[Editor: This is a positive news for India, and especially those who are holding the steel counters. Meanwhile, the government is likely to come up with measures in the budget-2015-16, to protect the domestic steel sector. In such circumstances, stay put in steel and mining spaces]

Feb 20, 2015: NEW DELHI: Global steel production declined by 2.9 per cent in January largely due to 4.7 per cent drop in Chinese output even as Russia, the US and India contributed more among major producing nations. 

Global steel production declined to 133.10 million tonnes (MT) in January from 137.09 MT a year earlier, data compiled by World Steel Association (WSA) showed. 

Even as output in China fell to 65.5 MT from 68.7 MT a year ago, its contribution remained nearly half of the global production during the month. Japan's production also fell by 4 per cent to 9 MT and South Korean production declined by 5 per cent to 5.78 MT. Russia's steel production grew by the highest rate of 6 per cent to 6.1 MT against 5.78 MT a year ago. It grew by 0.4 per cent in the US. 

India's production increased by 0.3 per cent during January to 7.07 MT compared to 7.04 MT a year earlier. Germany produced 3.7 MT, Italy 1.9 MT, France 1.3 MT and Spain produced 1.3 MT steel in January. Turkey's crude steel production for January 2015 was 2.6 MT, down by 10.4 per cent compared to January, 2014, WSA said. 

Steel production in Brazil was higher by 7.7 per cent to 3 MT. WSA said steel capacity utilisation ratio in January was 72.5 per cent. 

Courtesy: The Times of India