India remains world’s third largest steel producer
India remained the world’s third-largest steel producer for the third year in a row in 2017 even after recording the highest production growth rate among major producing nations, World Steel Association (WSA) data showed. While China is miles ahead of others in terms of production, the gap between Japan and India, currently positioned at the second and third slots in the world order of steel production, respectively, is narrowing. Japan produced 104.7 MT steel in 2017 compared with India’s 101.4 MT. In 2016, the gap was wider at 9.3 MT and 16 MT in 2015. However, India’s steel production grew by 6.2% in 2017 compared with a marginal decline in Japan’s production, thus brightening India’s prospect of grabbing the second slot in 2018. India had grabbed the third slot in steel production in 2015 from the US after long been holding the fourth slot.
While Japan’s production has been constantly on the wane for the last few years, India’s has been steadily growing and with the Indian government targeting 300 MT annual installed capacity from 128 MT now, chances are there that India’s production will only rise in the coming years. In 2017, world crude steel production reached 1,691.2 MT, up by 5.3% over the previous year. Steel production increased in all regions during the year except in the CIS, which remained stable. Annual production for Asia was 1,162.5 MT in 2017, an increase of 5.4% compared to 2016. China’s production grew by 5.7% to 831.7 MT from 808.3 MT a year ago. China’s share of world production increased from 49.0% in 2016 to 49.2% in 2017.
Among other Asian nations, Japan produced 104.7 MT and South Korea produced 71.1 MT, a growth of 3.7% over 2016. Clocking a growth of 4.1%, the European Union produced 168.7 MT steel in 2017. Italy produced 24 MT and Spain produced 14.5 MT, among others. Steel output in North America was 116 MT, 4.8% higher than in 2016. The US produced 81.6 MT, up by 4% over 2016. Annual crude steel production for South America was 43.7 MT in 2017, an increase of 8.7% on 2016. Brazil produced 34.4 MT in 2017, up by 9.9% compared to 2016.