India’s steel output likely to rise
India’s finished steel products output is likely to reach 88.6 million tonnes in the current year, registering an increase of 5.7 per cent. The country produced 83.5 million tonnes (MT) of finished steel products last year, according to World Steel Association which released its Short Range Outlook (SRO) for 2017 and 2018.
Steel production is expected to grow due to growing economy and increasing urbanisation. The country’s finished steel output is also likely to increase to 94.9 MT in 2018, World Steel Association said.
Finished steel products are those which are obtained upon hot rolling/forging of semi-finished steel — blooms, billets, slabs. These cover two broad categories, namely long products and flat products.
Steel demand in the emerging and developing economies, including China, which accounts for 30 per cent of world total, is expected to grow by 4 per cent in 2017 and 4.9 per cent in 2018, World Steel Association said.