World Steel Production Falls
Crude steel production for the 65 countries reporting to the World Steel Association contracted by -2.7% year-on-year in March to 138.0 Mt. Output continued to fall in Japan (-4.5% to 9.3 Mt) and South Korea (-11.8% to 5.7 Mt). As reported previously, Chinese steel production fell -1.2% year-on-year in March to 69.5 Mt. In contrast to elsewhere in Asia, India is estimated to have seen very strong year-on-year growth, of 10.0%, to 8.0 Mt. US steel output continued to weaken from year-ago levels in March, falling -12.7% to 6.6 Mt, while production in the EU28 also declined, by -0.9% to 15.3 Mt.