Global crude steel production increased by 1.5% year-over-year to reach 165.1 million tonnes in May 2024, according to data from worldsteel. Among the top five producing countries, only India recorded a rise in production during the January-May period of 2024. India, the second-largest producer globally, saw a significant 7.7% increase to 61.9 million tonnes.
Earlier in the year, India implemented production cuts. Ahead of elections in April, there was a notable surge in restocking, maintaining production momentum. Indian mills also benefited from higher domestic prices compared to export offers, with benchmark trade-level domestic Hot Rolled Coils (HRCs) averaging INR 53,540 per tonne ($641/t) during the period, up from $586/t in January-April 2024.
Looking ahead, India anticipates a rebound in demand from the third quarter of the year, when favorable weather conditions typically bolster economic activity.
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