India's steel production grows by 1.7% in July
India's steel production growth rate was at par with the world average of 1.7% in July, but it has to make big strides to bridge the first seven months' gap.business Updated: Aug 22, 2014 22:33 IST
India's steel production growth rate was at par with the world average of 1.7% in July, but it has to make big strides to bridge the first seven months' gap.
World Steel Association's latest figures showed global steel production grew on an average of 1.7% in July. India's production also grew by 1.7% to 6.96 million tonnes from 6.84 MT a year ago.
The global steel production during July stood at 136.81 MT, compared to 134.52 MT in the same month last year.
However, while the world's production grew by an average of 2.4% to 960 MT from January-July, India recorded 1.4% growth with a total production of 48.2 MT.
The growth in global steel production has been largely led by China, world's largest steel consumer and producer, in the year so far.
China produced 481 MT steel during the year so far, which is an increase of 2.7% over the corresponding period last year.
India has remained the fourth largest steel producer in the world, following China, Japan and the US, for the last four years with production of 81.2 MT in 2013, 77.3 MT 2012, 73.6 MT in 2011 and 69 MT in 2010. It had clinched the third spot in 2009.
The order has been maintained so far. China is way ahead of others with 481 MT production so far. Japan has produced 65 MT, the US 51 MT and India 48.2 MT.