India has registered a 2.46 percent progress in crude steel production to the tune of 26.363 million tonnes (MT) in the last quarter of 2017-2018, as per official data, reported PTI.
The country had produced 25.729 MT during the January-March period of 2016-2017, said the Joint Plant Committee (JPC).
In January 2018, India's crude steel output stood at 8.778 MT as against 8.811 MT during January 2017. In the following month, the production was at 8.506 MT, compared to 8.154 MT in February 2017. During last month, the output of crude steel stood at 9.079 MT, higher from 8.764 MT in the same month previous fiscal, according to JPC data.
Permitted by the Ministry of Steel, Joint Plant Committee (JPC) is the only institution which collects data on the Indian iron and steel industry.
By 2030, India has set a production target of 300 MT.
In this regard, the Cabinet last year approved the National Steel Policy (NSP) that aims to achieve steelmaking capacity of 300 MT by fiscal 2030 with an additional investment of Rs 10 lakh crore. The Cabinet approved a guideline for providing inclination towards domestically manufactured iron and steel products in the acquisition by the government and its agencies.
India's production of hot metal during January-March 2017-2018 grew by 3.27 percent to 17.047 MT from 16.506 MT in the year-ago quarter.
The output of pig iron fell by 6 percent to 2.498 MT during the last quarter from 2.661 MT in the same period previous fiscal.
Pig iron is produced by smelting iron ore in blast furnaces or by smelting ilmenite in electric furnaces.
According to the World Steel Organization, India overtook Asia's industrial giant Japan to become the second largest steel producer as its steel output grew by 3.43 percent to reach 8.43 MT in February against Japan's 8.29 MT.
Currently, China is the biggest iron ore producer in the world.