Indian steel sector sees world’s fastest growth
7 Jan 2013 5:41 AM IST
India outpaced all major steel producing nations, including China in terms growth rate till November last year, but its position in the world order may still remain at number four.
India had produced 70.115 million tonne (mt) steel till November 2012, clocking 4.2 per cent growth over the first 11 months of the last year, according to the World Steel Association (WSA) data. The second highest growth was recorded by the US at 3.2 per cent, followed by Russia at 3 per cent.
China's steel production grew by 2.9 per cent. In South Korea, it grew by 1.6 per cent.
Steel production growth is unlikely to swing very far in the annual figure to be released by WSA a fortnight from now. During the January-November period of 2011, India's steel production had grown by 5.6 per cent to 66.056 mt.
Barring Japan, which was hit by a super cyclone, all the major steel producing nations had staged a better show in 2011, growing by up to 17.9 per cent, compared to their January-November, 2012 performance. The world order of steel production is also set to remain unchanged with China at the top, followed by Japan and the US, placing India at its last year's place - fourth.
Till November 2012, China produced 660.125 mt steel. Japan's production was at 98.658 mt and the US at 81.442 mt.
Russia and South Korea are closely contesting to be the fifth largest steel producer in the world. Till November 2012, Russia had produced 64.763 mt steel, and South Korea, 63.497 mt.
4 COS HIKE PRICES BY UP TO RS 1,400 PER TONNE
Four leading steel producers Rashtriya Ispat Nigam, JSW Steel, Essar Steel and Jindal Steel and Power have increased prices of their products by up to Rs 1,400 per tonne for the current month.
An RINL statement said that the company has increased prices by Rs 500 per tonne for January, while a JSW Steel official confirmed that the company has hiked prices by about 2 per cent or about Rs 750 per tonne across products.
Essar Steel, which mainly produces flat products like hot rolled coils, has hiked prices across the board by about 3-4 per cent, industry sources said, adding that the increase translates into a hike of Rs 1,000-1,400 per tonne. Sources added that Jindal Steel and Power (JSPL) has also raised prices by up to Rs 1,000 per tonne for January. When contacted, spokespersons of both Essar Steel and JSPL declined to comment on the matter.
India had produced 70.115 million tonne (mt) steel till November 2012, clocking 4.2 per cent growth over the first 11 months of the last year, according to the World Steel Association (WSA) data. The second highest growth was recorded by the US at 3.2 per cent, followed by Russia at 3 per cent.
China's steel production grew by 2.9 per cent. In South Korea, it grew by 1.6 per cent.
Steel production growth is unlikely to swing very far in the annual figure to be released by WSA a fortnight from now. During the January-November period of 2011, India's steel production had grown by 5.6 per cent to 66.056 mt.
Barring Japan, which was hit by a super cyclone, all the major steel producing nations had staged a better show in 2011, growing by up to 17.9 per cent, compared to their January-November, 2012 performance. The world order of steel production is also set to remain unchanged with China at the top, followed by Japan and the US, placing India at its last year's place - fourth.
Till November 2012, China produced 660.125 mt steel. Japan's production was at 98.658 mt and the US at 81.442 mt.
Russia and South Korea are closely contesting to be the fifth largest steel producer in the world. Till November 2012, Russia had produced 64.763 mt steel, and South Korea, 63.497 mt.
4 COS HIKE PRICES BY UP TO RS 1,400 PER TONNE
Four leading steel producers Rashtriya Ispat Nigam, JSW Steel, Essar Steel and Jindal Steel and Power have increased prices of their products by up to Rs 1,400 per tonne for the current month.
An RINL statement said that the company has increased prices by Rs 500 per tonne for January, while a JSW Steel official confirmed that the company has hiked prices by about 2 per cent or about Rs 750 per tonne across products.
Essar Steel, which mainly produces flat products like hot rolled coils, has hiked prices across the board by about 3-4 per cent, industry sources said, adding that the increase translates into a hike of Rs 1,000-1,400 per tonne. Sources added that Jindal Steel and Power (JSPL) has also raised prices by up to Rs 1,000 per tonne for January. When contacted, spokespersons of both Essar Steel and JSPL declined to comment on the matter.
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