Posted on 25 Sep 2024
Global steel production dropped 6.5% on-year in August to 144.83 million tonnes, dragged down by a significant slump in Chinese output, although EU production in fact grew, according to worldsteel.
Chinese production dropped over 10% on-year in August to 77.92mt, as the country’s weakening economy and oversupply-driven pricing pressure took its toll. Indian output rose but only by 2.6% to 12.29mt. Japanese and South Korean production fell 4% and 2% respectively to 6.87mt and 5.47mt, Kallanish notes.
EU27 saw production rise 2.2% in August to 9.14mt, although this was largely driven by a 64% surge in Netherlands output to 662,000t following Tata Steel’s Ijmuiden blast furnace revamp completion. Germany’s output rose only 0.5% to 2.87mt and Italy’s fell by 2.7% to 764,000t. Output in Spain and France was both estimated, down 0.8% to 850,000t and up 12% to 900,000t respectively.
Compared to July, EU output slumped 17%, with Italian production more than halving to 764,000t.
Turkish production surged 14% on-year in August to 3.15mt, and also rose on-month.
US output inched up 0.7% on-year to 7.05mt and Brazilian production jumped 7% to 2.96mt.
Russian production was estimated down 11.5% on-year in August to 5.8mt and Ukrainian production was confirmed up 14.7% to 691,000t.
Crude steel output in the 71 countries monitored by worldsteel was thus down 1.5% on-year in January-August to 1.251 billion tonnes. Growth in India, Germany, Turkey and Brazil was insufficient to offset falling output in China and elsewhere.
Source:Kallanish
