Amid the mining ban and environmental issues, one thing that could cheer up the domestic steel companies is the report of World Steel Association (WSA) that India’s steel production growth rate far outstripped the world's average. When the global production rose by an average of 1.4 per cent in August to 135 mt compared to the same month a year ago, India’s production clocked a 5.2 per cent jump in August at 7.02 million tonnes.
Indian’s production might have shown a good growth in the passing month but during the eight-month period (January-August) it was below global average of 2.4 per cent at 1.8 per cent. In the period January to August world’s steel production rose to 1,096 mt compared to India’s production of around 56 mt.
In the month of August India’s production increased mainly due to higher production by major producers, while global average weakened because of relatively lower production by China, the world’s largest producer, whose steel production grew 1.5 per cent at 69 MT in August, compared to 68.2 MT in the same month a year ago. However, China’s production growth rate during the first eight months was the highest at 2.6 per cent among the main steel producing nations.
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