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India is the only country among the top five steel manufacturing nations to have had production increase in April, while the rest saw production fall by up to 7%.
China, the world's top steel producer, saw production dip more than 7% year on year in April to 85.9 million tonnes (MT). According to data from the World Steel Association, the production for the January-April period of this year was 343.7 MT, representing a 3% reduction from 2023.
India, the world's second-largest steel producer, saw production jump 3.6% to 12.1 million tonnes. The country produced 49.5 MT of steel between January-April this year, an 8.5% increase in production.
Japan, the United States, and Russia saw their steel production fall by 2-6% year over year during the month. With the exception of India, the output figures of the four biggest steel-producing countries decreased from January to April of last year compared to the previous year.
The data suggests that although steel consumption in India continued to be strong, the worldwide market for steel has not recovered.
"Inflation and high interest rates have reduced demand for steel in Western economies. The rise in crude steel output in 2023 was unchanged year over year. It is anticipated to be rangebound by 2024," said Sehul Bhatt, head of research at CRISIL Market Intelligence and Analytics.
The majority of Indian steel producers' earnings for the March quarter were actually negatively impacted by this, as increased steel imports into the nation had an effect on their selling prices. India is said to have imported 600,000 tonnes of steel from China between January and March, an increase of about 60% over the previous year.
"Globally, steel prices are under pressure because of sluggish demand. This has also kept prices in India under check so far. While this is not a good tiding for steel mills, weak iron ore and coking coal prices since February are supportive for their profit margins," Bhatt of CRISIL said.
The benchmark steel prices for the March quarter were over 10% lower year over year for hot-rolled coils of steel. However, in recent weeks, prices have begun to rise in accordance with the worldwide market trend for prices.
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