Global output returns to decline in November

Global crude steel production in the 64 countries reporting to the World Steel Association (worldsteel) returned to decline in November, dropping 2.6% on-year to 139.15 million tonnes. It also dropped 5% on October.

Global output rose in September for the first time since July 2021, and then remained flat in October. But a decline in EU and North American output, coupled with sluggish Asian growth brought down production in November, Kallanish notes.

Chinese production rose 7.3% on-year to 74.54mt, while Indian output grew 5.7% to 10.44mt. However, Japanese and Korean output fell 11% and 18% respectively to 7.18mt and 4.78mt, with Vietnamese and Taiwanese output also estimated down considerably. This meant Asian output grew only 2.8%.

EU27 production slumped 18% in November to 10.49mt, with German and Italian output down 18% and 15% respectively to 2.77mt and 1.85mt.

Turkish output meanwhile fell 31% to 2.38mt.

US and Brazilian output fell 10.5% and 16% respectively to 6.35mt and 2.62mt.

Russian output was estimated down 10% to 5.57mt and Ukrainian production was confirmed down 82% to 313,000t.

Global production in January-November thus fell 3.7% on-year to 1.69 billion tonnes.

Adam Smith Poland