InvestorQ : Is it true that Indian steel production in November 2020 has grown faster than the world steel output?
diksha shah made post

Is it true that Indian steel production in November 2020 has grown faster than the world steel output?

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Khushi Patel answered.
6 months ago
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Actually, it is the other way round. While India’s steel production has grown during the month of November, it has growth slower than the world average. In fact, the gap is quite a bit and that is largely because Chinese demand for Indian steel has come down sharply in November as compared to the previous months. Let us look at the actual numbers.

For the month of November, India registered a healthy growth of 3.5% in crude steel production at 9.24 MT as per the latest statistics put out by the World Steel Association or the WSA. The WSA accounts for nearly 90% of the world steel output. Global steel production in Nov-20 was sharply higher by 6.6% at 158.26 MT, so India grew slower.

The big thrust to steel growth in the month of November 2020 came from China and other European nations as demand revived fast in these pockets. For example, China recorded a YOY growth of 8% while Germany steel output was up 14.8% and the US steel output was down -13.7% and Japan was down -5.9%. Italy and Spain also showed good steel growth.

As of now, China remains the world’s largest crude steel producer and commands over 53% output share of the world. In short, it is the leader by a huge margin. India had overtaken the US and Japan in steel production in the last two years and India’s steel output is now the second largest in volumes. However, India’s output is less than a fifth of China.

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