Where does India rank in steel production in the current fiscal year?
Answer
Answer
Steel output has been robust in India on the back of solid volume offtake and better prices. For the month of May-21, India registered 47% yoy growth in crude steel output at 9.2 million tonnes as per Worldsteel Data, which ranks the top 64 countries in the world based on crude steel output. The total global steel production for the month of May 2021 was 174.4 MT showing a growth of 16.5%.
China still dominates with a lion’s share of this output. In May-21, China produced 99.5 MT accounting for nearly 57% of the global steel output. India ranks in the second place in steel production, albeit at a huge gap with China. India is followed in steel output by Japan, United States, Russia, South Korea, Germany, Turkey and Iran in that order.