Chinese Steel and Aluminium Production
Economy, Minor Bulks, Steel
Chinese crude steel output climbed to a five-month high of 86.2 Mt in December, a significant rebound from the 69.3 Mt produced in November although still down by 6.8% year-on-year, official data show. At 1,032.8 Mt, annual output in 2021 was down by 3.0% on the previous year, the steepest annual percentage drop since 1981 when full-year steel production was just 35.6 Mt.
By contrast, China’s aluminium output rose by 4.8% in 2021 to a new record of 38.5 Mt. However, December output was down by 4.0% year-on-year at 3.1 Mt, as output was constrained by power supply restrictions.
Meanwhile, China’s GDP expanded by 8.1% year-on-year in 2021, the fastest rate for a decade. However, annual growth of just 4.0% in the 4q21 signalled the pace of expansion slowed at the end of the year.