India’s crude steel production witnessed a growth of around 6% y-o-y in calendar year 2024 (CY’24), as per provisional data available with BigMint. Production of crude steel in the country increased to around 149 million tonnes (mnt) compared with 141 mnt recorded in CY’23. India remained one of the very few countries, along with Turkiye and Iran, which posted net growth in crude steel production in CY’24. Subdued manufacturing demand, high inflation and capital costs, as well as the surge in Chinese steel exports due to domestic economic deflation and the crisis in the real estate sector, weighed on global steel production in CY’24.
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