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India takes top spot amid global slowdown

India stands out as the sole nation among the world's top steel producers to exhibit growth in steel production for April 2024, according to the World Steel Association.

India takes top spot amid global slowdown

As the second-largest steel producer globally, following China, India manufactured 12.1 million tonnes of steel, marking a 3.6 percent increase compared to the same period last year.

Economists attribute this growth to heightened economic activity within India. India's steel sector reflects the country's robust economic performance, amid a global slowdown. Data from the World Steel Association underscore the challenges faced by other major steel-producing nations. Japan saw a 2.5 percent decline in production to 7.1 million tonnes, the US witnessed a 2.8 percent decrease to 6.7 million tonnes, Russia experienced a 5.7 percent drop to 6.2 million tonnes, and South Korea encountered a notable 10.4 percent reduction to 5.1 million tonnes.

China, grappling with excess steel capacity and US tariffs on its exports, recorded a 7 percent decline in production, falling to 85.9 million tonnes. There are concerns that China might resort to dumping its surplus steel at lower prices in other markets, having lost significant access to the US market.

India's performance in the steel sector not only underscores its economic resilience but also positions it as a beacon of strength in the global market, showcasing the country's continuous industrial and infrastructural advancement.

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