India’s steel output rises 6% in first nine months of this year

The Dollar Business Bureau 

Steel production in India rose by around 6% to 71.09 million tonnes during the period January-September this year, even as the world output contracted by 0.5% to around 1.19 billion tonne. 

Asia was the only region where output of steel witnessed an upward trend, as per the recent data by World Steel Association. 

“In the first nine months of 2016, Asia produced 825.9 million tonnes of crude steel, an increase of 0.6% over the first three quarters of 2015,” World Steel Association said in a statement. 

The European Union (EU) has recorded a production of 121.3 million tonnes of crude steel during the first nine months of this year, a decline of 4.8% year-on-year, whereas North America produces 83.9 million tonnes of the metal, down by 1.4% over the same period. 

The Commonwealth of Independent States (CIS) countries recorded an output of 76.4 million tonnes of crude steel in the period January-September 2016, a decline of 0.1% over the same period last year, it said. 

For the month of September, World Steel Association said the steel output for 66 nations reporting to it stood at 132.9 million tonnes, witnessing a growth of 2% compared to the same month in 2015. 

The capacity utilisation ratio of crude steel for the 66 countries in the month of September 2016 was 70% as compared to 69.5% in the same month last year. 

For September this year, the capacity utilisation ratio is 1.5 percentage points higher compared to the ratio of previous month, it added