India crude steel production for July stood at 9.2 MT

World Steel Association in its recent report mentioned that India’s crude steel production has increased by 1.7 per cent to 9.215 million tonne (MT) in July 2019 from 9.059 MT in corresponding month of previous year. Also, global steel production for the 64 countries witnessed 1.7 per cent yoy increase to 156.697 MT in July 2019. As many as 64 major steel producing countries represent around 85 per cent of global steel production.

During the month of July, China produced 85.223 MT of crude steel as against 81.180 MT corresponding month of previous year. Japan produced 8.387 MT of crude steel during July 2019, as against 8.420 MT in the previous year same month. South Korea's output for July 2019 stood at 6.041 MT followed by the US at 7.514 MT, Brazil at 2.449 MT, Turkey at 2.925 MT and Ukraine at 1.784 MT.

On the other side, global rating agency Moody's on Wednesday revised its outlook for Indian steel sector to negative, citing factors like rising input costs and inability to pass on higher costs to customers. However, the agency believes that India's steel demand will remain strongest in Asia but will mark mid-single-digit growth, as weak auto and manufacturing demand offsets the growth in the infrastructure and construction industries.