Insta
India’s Steel Industry On The Upswing: Output Grows To 8.5 Million Tonnes In September
A steel industry. (representative image) (Lukas Schulze/Getty Images)
World Steel Association (WSA), in its report, stated that India’s steel production reached 8.5 million tonnes in September 2018, up by 2 per cent over the same period last year, as reported by PTI. WSA is the global industry body that represents the interests of steel manufacturers.
The report also noted that India’s steel production during the period between January and September 2018, increased by 7.1 per cent over last year’s corresponding period. However, steel production in Japan contracted by 2.4 per cent in the same period. India exports iron ore to resource-deficient Japan which is necessary for the production of steel.
However, India’s steel production in September was still short of the 4.4 per cent increase in the world’s steel output.
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.
The government had also imposed anti-dumping duties on specific steel products from China to protect the domestic industry earlier.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
