India has replaced Japan as the world’s second-largest steel producing country, only behind China, which is the largest producer of crude steel accounting for more than 51 per cent of production, as per the latest report by World Steel Association.
The report noted that India’s crude steel production in 2018 was at 106.5 MT, which is up by 4.9 per cent from 101.5 MT in 2017.
The rise in India’s crude steel production in 2018 means that India has replaced Japan as the world’s second-largest steel producing country, as Japan produced 104.3 MT in 2018, which is down by 0.3 per cent as compared to 2017.
On the other hand, China’s crude steel output jumped by 6.6 per cent to 928.3 MT in 2018 from 870.9 MT in 2017. China’s share also increased from 50.3 per cent in 2017 to 51.3 per cent in 2018.
The global crude steel production reached 1808.6 MT for the year 2018 from 1729.8 MT in 2017, displaying a rise of 4.6 per cent.
The other nations in the list of top 10 steel producing countries include the United States, which is at the 4th position as the country produced 86.7 MT of crude steel in 2018, followed by South Korea at the 5th place with 72.5 MT of crude steel, Russia at 6th with 71.7 MT, Germany at 7th with 42.4 MT, Turkey at 8th with 37.3 MT, Brazil at 9th with 34.7 MT and Iran at the 10th position with 25 MT crude steel in 2018.
Among other countries, Italy produced 24.5 MT of crude steel in 2018, France produced 15.4 MT and Spain produced 14.3 MT and Ukraine produced 21.1 MT of crude steel in the same year.
The worldsteel members cover around 85 per cent of world steel production.
According to WorldSteel, India is all set to overtake the US as the world’s largest consumer of steel in 2019. Also, unlike China and Japan, India is the only large economy where steel demand has registered a positive growth since 2015.
However, this could be due to the low per capita consumption of steel in India. While it stands at around 68 kg for India, the world average is 208 kg.