Steep Falls in Steel Production Outside China
Global crude steel production fell for a thirteenth consecutive month in August, dropping by 3.0% year-on-year to 150.6 Mt, the World Steel Association reports. This decline came despite a small 0.5% annual increase in output in China to 83.9 Mt.
Steel production in the world outside China fell by 7.0% in August to a near two-year low of 66.7 Mt amid steep declines in Brazil, the EU, Japan, Russia, Turkey and US. Surging energy costs have prompted some steel mills, particularly in Europe, to reduce operations in recent months, while global steel prices have fallen sharply from the peaks of 2021 and early 2022. Outside of China, the only other major producer to increase output was India, where production climbed by 1.2% to 10.2 Mt.
At 1,253.9 Mt, global steel production in January-August was 5.1% lower than the same eight months of the previous year.