Steel output growth flattens despite continued China rebound

The global crude steel production rebound stuttered in October. After rising in September for the first time since July 2021, output in the 64 countries reporting to the World Steel Association (worldsteel) was flat on-year in October at 147.3 million tonnes, Kallanish notes.

This came despite an 11% surge in Chinese production to 79.76mt in October. This figure was nevertheless down 9% from September. Indian output rose 3% on-year to 10.45mt. However, Japanese and South Korean production were down from a year earlier by 11% and 12% respectively to 7.35mt and 5.08mt.

EU27 crude steel production dropped 17.5% in October to 11.29mt, with German and Italian output down 14% and 9% respectively to 3.14mt and 2mt. French and Spanish output fell 19% and 29% respectively to 944,000t and 913,000t.

Compared to September, however, EU crude steel output was up by 5%, with both Germany and Italy raising production.

Turkish output fell 18% on-year to 2.87mt, but also rebounded versus September.

US and Brazilian output fell 9% and an estimated 4.5% respectively on-year to 6.7mt and 2.84mt. However, both were also up compared to September.

Russian output was estimated down 11.5% to 5.83mt and Ukrainian production dropped 80% to 318,000t.

Global production in January-October thus fell 3.9% on-year to 1.55 billion tonnes.

Adam Smith Poland