China slump slows global output growth in July

Crude steel production in the 64 countries reporting to the World Steel Association (worldsteel) grew 3.3% on-year in July to 161.7 million tonnes. Growth slowed considerably from previous months as Chinese production declined for the first time in 16 months, by 8.4% to 86.79mt, Kallanish notes.

Global output fell 4% from June.

Indian output nevertheless rose 13% on-year in July to 9.85mt, while Japanese and South Korean production grew 33% and 11% respectively to 8.01mt and 6.13mt. Vietnamese output surged 62% to 2.23mt.

EU27 crude steel production meanwhile rose 30% to 13mt, thanks to a 25% surge in German output to 3.02mt and estimated 29% growth in Italian production to 2.25mt. Output in France and Spain is meanwhile estimated to have risen 47% and 88% respectively to 1.34mt and 1.3mt.

Compared to June, however, EU output fell 2%.

The UK saw output rise an estimated 15% on-year in July to 675,000t.

Turkish production grew 2.5% to 3.23mt.

US production surged 38% to 7.48mt, rising for the fifth consecutive month, while Brazilian output rose 14.5% to 3.01mt.

CIS production grew 11% to 9.23mt, with Russian output estimated up 13% to 6.67mt and Ukrainian production confirmed up 7% to 1.88mt.

Global crude steel production in January-July thus grew 12.4% on-year to 1.17 billion tonnes, slowing from 14.4% growth after six months.

Adam Smith Germany