India's steel production rose to 125.3 million tons in 2022, making it the only large producer to increase output amidst a global decline, including China, the world's largest producer.
COVID-19, poor demand, and several other factors caused a drop in steel production worldwide the past few years. This included China, which is not only the biggest steel producer, but one with a massive impact on steel prices. Indeed, according to a report by the World Steel Association, global crude steel production, including semi-finished products, ingots, and liquid steel, fell to 1.89 billion tons in 2022. This is 3.9% less than 1.96 billion tons in 2021.
India’s growth is particularly significant, considering that many of the largest steel-producing countries, including China, Japan, the U.S., and Russia, experienced declines in production. In fact, Iran was the only other country among the top 10 nations to see a rise in steel output.Throughout 2022, China produced 1,018 MT of crude steel. This is 1.6% lower than 2021, when figures fell by 2.8%. Still, China produced more steel than the rest of the world combined and 12 times more than the U.S.
Remember, India still has a very poor per capita steel consumption rate – just one-third of the world’s average. However, the Indian Government has set a target of increasing the share of the manufacturing sector to 25% of the GDP by 2025. It also hopes to achieve 300 MT per annum of steel production by 2030.The Indian Steel Association projects a 7.5% growth in domestic steel demand for the fiscal year 2024. This will put output at 128.85 MT compared to 119.86 MT in FY23.
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