Steel’s Slow Rise

New Delhi : The World Steel Association reported a global steel production increase of almost 8% in June, y-o-y. China reported a y-o-y production increase of 11.9% in June, and a m-o-m production increase of 1.7%. The nation’s slow economic period did not seem to affect its steel industry significantly. Analysts believe the government’s incentives to steel makers for increasing production have borne the right results. The US, Africa, India, Japan and the Middle East also reported production increases but both Australia and Europe reported sharp falls in their y-o-y production in June. However, in a complete reversal, the China Iron and Steel Association (CISA) reported a 3.1% m-o-m production fall in early July.