In spite of COVID, increase in crude steel production indicates stronger recovery post-pandemic
India produced 29.6 Mt of crude steel in the first quarter of 2021 i.e. from January to March 2021. The production is 10.4% higher than the corresponding period in 2020. World crude steel production in the same period this year has been a total of 486.9 Mt, a growth of 10% flat over the corresponding period in 2020. China is still leading the global numbers by far producing 271 Mt in Q1 2021, registering a growth of over 15% year-on-year.
The increase in crude-steel prices globally has helped boost the Indian crude-steel sector as the export markets have opened up. With the prices expected to hold with increased demand owing to the federal push for infrastructure to pump up economic growth across the world, the Indian crude steel sector could establish itself as a stronger player globally.
Currently, India is the second largest producer of crude steel in the world and it has registered a growth of a whopping 23.9% considering production figures of March, year on year.
The second wave of COVID-19 has hit India worse and due to the shortage of medical oxygen, the steel industry has been instructed to divert as much oxygen as possible for medicinal purposes. This might affect the production of efficiency in the quarter starting April 2021.
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