Global Crude Steel Output Edges Higher in August

Steel

Global crude steel output inched up by 0.6% year-on-year to 156.2 Mt in August, according to the World Steel Association. The first annual increase since February.

Chinese output climbed to a new record high of 94.8 Mt last month (+8.4%), boosting global production. However, production in the world excluding China still declined 9.5% to 61.4 Mt in August. Nonetheless, this annual slump narrowed from an average monthly drop of -19.0% in March-July.

The annual contraction in Indian crude steel production slowed to 4.4% to 8.5 Mt, while South Korean output was a year-to-date high of 5.8 Mt, down 1.8%. Elsewhere, Turkish production rose for a third month in a row to 3.2 Mt (+22.9%). Nonetheless, falls in the US and combined EU/UK were wider, dropping 24.4% to 5.6 Mt and 16.6% to 9.3 Mt, respectively.