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Steel production shrinks to 14 month low at 6.25MT in November

23 Dec 2013 Evaluate
On account of subdued demand from sectors such as white goods and automobiles in an economy that grew by 4.6 per cent in the first half of the current fiscal, Steel production fell to 14-month low to 6.25 Million Tonne (MT) in November. As per the World Steel Association, a premier global industry body, the previous low was in October at 6.461 MT. Further, Steel consumption grew by just 0.4 per cent in April-November period.

Meanwhile, the cumulative production during the 11-month period of the year stood at 72.338 MT, recording a growth of 1.9 per cent over the corresponding period last year. However, global production of steel during the same period grew by 3.2 per cent to 1,447.740 MT.

Steel production started falling since declining since August when the country produced 6.578 MT compared to 6.668 MT in the previous month. It further declined to 6.540 MT in September. Nevertheless, the best month for steel production was that of March, when the country produced 6.836 MT.

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