World steel production dipped 3.8% in July 2015 clearly indicating the crisis in the industry in the face of growing Chinese imports. Almost every major steel producing country in Europe, the CIS countries and North America saw a decline in steel production in July this year, barring the exception of Germany.
However, India's steel sector managed to buck the global trend and showed a marginal 1.2% rise in production during the month, according to latest data from World Steel Association, a Brussels-based body which collates production figures for 65 countries reporting to it.
In India, domestic steel production climbed up to 7.6 mt in July 2015 from 7.5 mt in July 2014. Apart from India, South Korea was the only exception among Asian countries posting a 1.7% growth in steel production to 6 mt during the month.
World steel production was at 132 million tonne (mt) in July 2015 compared to 138 mt in July last year. In terms of sheer numbers, the fall in global steel output was led by China, which saw a 4.5% decline in steel production during July 2015 to 65.8 mt. The country is the worldas largest steel producer and its shrinking output has been a major cause for concern across the world steel economy.
The US led the decline in North American production with a 9.1% fall in July 2015 to 6.9 mt while Canada followed with a 5% cut down in steel output to 1 mt. While the UK saw a 3% decline in steel production to 0.9mt, Italy saw a 11.6% slide in steel output to 1.8 mt. Germanyas steel output went up to 3.6 mt growing by 4.7% during the month compared to same month last year.
Japan, one of the leading Asian steel producers, saw a 4.9% plunge in output to 8.8 mt in July this year compared to production in the same month last year.
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