China, EU drag down March global output

Global crude steel production fell 4.3% on-year in March to 161.19 million tonnes, although this was up over 10mt on February. Weaker Chinese and EU output were the main drivers of the on-year drop, Kallanish notes from worldsteel data.

Chinese production slid 7.8% on-year in March to 88.27mt, while Japanese and Korean production were down 4% and 9.5% respectively to 7.2mt and 5.28mt. Indian output however surged 7.8% to 12.7mt.

Japanese and Korean output nevertheless rose slightly versus February, while China’s output was up 7mt, although the February tonnage remains an estimate.

EU27 crude steel production fell 4.3% on-year in March to 11.6mt, despite German production rising 8.4% to 3.5mt and French output by 2% to 812,000t. However, Italian and Spanish production dropped 12.6% and 14.4% respectively to 1.9mt and 1.02mt.

EU output nevertheless rose by almost 900,000t versus February.

Turkish production soared 18% on-year in March to 3.2mt, coming from a low, post-earthquake base last year.

US production was flat on-year at 6.91mt and Brazilian output rose 5.6% to 2.79mt.

Russian volumes are estimated to have risen 0.8% to 6.64mt.

Crude steel output in the 71 countries monitored by worldsteel inched up 0.5% on-year in the first quarter to 469.06mt.

Adam Smith Poland