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Global Steel Production Remains Stable

Global Steel Production Remains Stable

Global Steel Production Remains Stable

Worldwide: Global raw steel production increased slightly from April to May this year, reaching 143 million metric tons, according to the World Steel Association.

Total worldwide production of raw steel increased 0.9 percent from April to May this year and rose two percent as compared to May 2016. From January to May 2017, the total amount for raw steel production hit 694 million metric tons, which is 4.62 percent higher than the same period in 2016.

The raw-steel capacity utilisation in May this year declined to 71.8 percent and this figure is 0.5 percent higher than in May 2016, but down 1.8 percent from April this year.

The World Steel Association said that the market is growing slowly but steadily and the trend will continue for the next few months, and that the market recovery will remain modest through 2018. This results from the effects of political and industrial-market uncertainty in the major steelmaking regions, particularly in China.

China’s steel industry yields about half of the world’s raw-steel output but after recent years of its export-driven expansion, the country has started on a restructuring program to reduce leftover steel capacity and will focus on meeting domestic needs for steel.

China produced 346 million metric tons of raw steel from January to May. In May this year, the country produced 72.2 million metric tons of raw steel, 3.3 percent more than in April and 1.8 percent more than in May 2016.

Japan produced 8.9 million metric tons of raw steel during May this year, an increase of 3.35 percent from April, and the figure is a marginal increase (0.12 percent) as compared to May last year. From January to May, Japan’s raw steel production reached 43.9 million metric tons, rising 1.5 percent from the same period last year.

India produced around 8.5 million metric tons of raw steel during May this year, 2.25 percent more than in April and 6.4 percent more than in May 2016. The nation’s raw steel output is 41.8 million metric tons from January to May this year, 7.4 percent more compared to the same period last year.

In South Korea, raw steel production in May this year increased 3.3 percent to an estimated 5.66 million metric tons, a 2.7 percent decline compared from May last year. This brought the country’s production of raw steel to 28.4 million metric tons, 1.63 percent higher than the same period last year.

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