India's steel production grew 7.4 per cent during August 2011, marginally slower than the global rate of 9.8 per cent.
Steel production in India stood at 6.16 million tonnes in August against 5.73 million tonnes in corresponding last year, according to latest estimates of the World Steel Association. During this period, world steel output grew to 124 million tonnes against 113 million tonnes in the previous year.
China, with a 13.8 per cent growth in output at 58.72 million tonnes, was the world's largest producer of steel in August, followed by Japan at 8.9 million tonnes and the US at 7.53 million tonnes.
For the first eight months of calendar 2011, India's steel output grew 5.3 per cent to 47.95 million tonnes against 45.52 million tonnes in corresponding last year. Global output in the first eight months of 2011 grew 8.3 per cent to 1.01 billion tonnes against 933 million tonnes in the corresponding last period.
India, at present, is the fourth largest steel producer. Recent estimates by the Steel Ministry indicated a 10 per cent growth in finished steel production at 29 million tonnes for the April-August period.
However, steel consumption for the period grew by a mere 1.3 per cent to 28 million tonnes. Consumption in the first five months of current fiscal has been largely subdued due to the lower demand from sectors such as construction, automobiles and consumer durables.
Steel Ministry officials, who had earlier predicted a 10 per cent growth in demand, are hopeful of a pick up in demand post monsoon.