Among the top 5 countries in the world, only India had an increase in steel output in April

Based on data provided by the World Steel Association, India is the only nation among the top producers of steel in the world to report increase in steel output in April of this year.

India, the world’s second-largest steel manufacturer after China, produced 12.1 million tonnes of steel in January of this year, up 3.6% over the same month the previous year.

Economists claim that the increase in India’s steel output is a reflection of the increased level of economic activity in the country.

Large amounts of steel are used as an input in government-funded infrastructure projects in the road, rail, and port sectors that are intended to spur economic development and job creation in the nation.

Similar to this, the economy’s expanding need for goods like automobiles, motorcycles, and commercial vehicles likewise raises the need for steel as a raw material.

Amidst the global slump, India has shown promise, which is shown in the steel industry.

According to figures from the World Steel Association, Japan produced 7.1 million MT of steel, a 2.5 percent decrease.

US production decreased by 2.8% to 6.7 MT.

South Korea produced 5.1 MT, down 10.4%, while Russia is projected to have produced 6.2 MT, down 5.7%.

China, which has a huge amount of spare steel capacity and is facing a tariff barrier for its exports from the US, saw a 7% drop in output to 85.9 million tons.

There is grave fear around the globe that, having lost the US market, China may now turn to selling its surplus steel at low rates in other nations.