DOMESTIC CRUDE STEEL PRODUCTION CAME IN STEADY FOR MAY 2024
News: As per world steel association, India crude steel production reported a steady growth of 3.5% YoY to 12.2 million tonne (MT) in May’24. Global steel production was up 1.5% YoY at 165.1 MT for May 2024 while the same in China was 92.9 MT (up 2.7% YoY).
Views: India (the second largest producer of crude steel globally) is expected to lead the crude steel production growth in CY24 with Jan-May24 readings at ~62 MT, up 7.7% YoY. The key monitorable for the globally steel industry is the recovery of demand in China and consequent lower exports which is expected to support steel prices.
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