The invention provides steel for an economic-type induction heating syphon for oil gas transportation and a method for producing a hot rolled slab thereof. The steel comprises the following compositions: 0.06 to 0.11 percent of C, 0.15 to 0.30 percent of Si, 1.50 to 1.80 percent of Mn, 0.03 to 0.06 percent of Nb, 0.010 to 0.025 percent of Ti, 0.010 to 0.045 percent of Als and the balance of iron and inevitable impurities. The production method comprises smelting, external refining, continuous casting, and rolling; in the rolling process, the heating temperature of a continuous casting blank is between 1,100 and 1,150 DEG C; the rough rolling temperature is between 960 and 1,000 DEG C; the deformation of each pass is over 15 percent; the finish rolling temperature is between 780 and 920 DEG C; the accumulated deformation is 55 to 75 percent; a cooling speed after rolling is between 15 and 35 DEG C/s; and the final cooling temperature is between 400 and 550 DEG C and then air cooling is carried out. Under the condition of not increasing production procedure, the method reduces the production cost by reducing the content of a noble alloy element and optimizing a production process, ensures that a steel plate reaches the steel standard of the X80-level induction heating syphon, and also ensures the performance stability after a material is subjected to heat treatment.