World Steel Production Growth Accelerates
Global crude steel output rose by 7.0% year-on-year in January to 136.5 Mt, up from 5.5% in December and the strongest annual growth since December 2013, according to the World Steel Association.
Higher world steel production was primarily driven by increases in China (+7.4% to 67.2 Mt) and India (+12.0% to 8.4 Mt), however almost all other major steel producers also saw output rise. There was strong production growth in Russia (+11.6% to 6.2 Mt), the US (+6.5% to 6.9 Mt) and Turkey (+12.8% to 2.9 Mt). Meanwhile, there was more moderate expansion in the EU (+2.4% to 13.8 Mt), Japan (+2.7% to 9.0 Mt) and South Korea (+3.2% to 5.9 Mt).