Global crude steel production slid 3.1 per cent in October compared with the same month last year, mirroring a fall in Chinese output, while French production plummeted by a fifth, the World Steel Association said today.
Chinese output came in at 66.1 million tonnes, down from 68.2 million tonnes in October 2014 -- a significant drop given the Asian giant accounts for half of global production, the latest WTA statistics showed.
Production in Europe was down 3.8 per cent overall -- but that figure masked wide variations for a key indicator of economic demand.
Germany, the largest steelmaker in the European Union, registered a 2.7 per cent rise in output to 3.6 million tonnes.
But France saw a drop of 20.9 per cent to 1.17 million tonnes. The French fall was 6 per cent for January to October, whereas German output was barely changed over that period.
The United States registered an 8.8 per cent fall in October to 6.7 million tonnes and Russian output fell 2.4 percent to 5.7 million tonnes.
The slide comes weeks after the US Commerce Department launched a probe into alleged dumping by several foreign steel producers -- including China but also South Korea and Japan -- accused of undercutting America's domestic industry.
Last month, meanwhile, India's Tata Steel said it was cutting around 1,200 jobs at two plants in Britain, in part owing to cheap Chinese imports as prices plunge on world markets.
On the extension of minimum import price (MIP) on 66 steel
products, the Steel Minister said: "We are discussing the merits of the case for the products in the list."
In a bid to protect domestic steel firms from cheap imports, the government in February imposed MIP on 173 steel grades for six months. Then in August, while extending the MIP for two months, the government pruned the list to 66 products.
In October, the government again extended the MIP on these 66 products by another two months.
Singh said that on 29 steel grades, that are in the MIP list, anti-dumping duty imposition is in final stages, whereas investigations will be done for another 16 products.
He also said that his ministry is talking to ministries such as Road Transport and Highways, Shipping as well as Railways to encourage them to promote the use of steel in a bid to raise the consumption of the metal.
"I will also talk to the Petroleum and Defence Ministries over this issue. We will be moving a Cabinet note on ways to encourage use of steel," Singh added.
On a new steel policy, the minister said that talks have started.
"When I joined the Steel Ministry, I came with three clear objectives. Develop a new steel policy, which caters to all aspects and sectors of the ecosystem. The other two are a short term (three year) vision as well as a medium term (seven year) vision for the sector," he explained.
On the proposed JV between domestic steel major SAIL and world's largest steel maker ArcelorMittal, he said talks are on.
"I have very clearly told them (ArcelorMittal) we need to finalise this by December. The government is clear that it needs to develop and promote such opportunities. Talks are still on," he added.
In May last year, SAIL and ArcelorMittal inked an MoU to set up a USD 1 billion steel plant which will produce automotive steel in the country.
