India surpasses Japan as second largest steel producer

India has become the second largest steel producing country as its crude steel production in 2018 surpassed Japan’s production. In 2018, Japan Produced around 104.3 MT steel. India's steel output was at 106.5 MT in 2018, up by 4.9 per cent from 101.5 MT in 2017. This gives a good indication that the government's target of 300 MT capacity by 2030 can be achieved if this growth continues. Majority of this growth is coming from domestic consumption, unlike other nations who are dependent on exports for growth. 

Over the last three years, India's per capita steel consumption has increased to 68 kg from 58 kg, but still, it is far behind the world's average of around 213 kg. 

Global crude steel production in 2018 grew to 1,808.6 MT as against 1,729.8 MT in the previous year. China with 928.3 MT production is the world’s largest crude steel producers contributing around 51.3 per cent to world production.

With increased infrastructure activity in the country, government’s impetus for affordable housing, and the growing auto sector, the demand for steel is expected to grow, going forward.