In the latest report from the World Steel Association, global steel production marked a substantial increase of 6.6% on a year-on-year basis in July, reaching a total of 158.5 million tons.
However, when scrutinizing the bigger picture, the cumulative global production for steel—which encompasses 63 countries—saw a slight dip by 0.1% year-on-year in the initial seven months, clocking in at 1.103 billion tons.
China, an industrial titan, stood as the top producer during this seven-month period, churning out 626.5 million tons, a year-on-year increase of 2.5%. India followed in second place with an impressive volume of 79.9 million tons, marking a 9% ascent. Japan, despite taking the third position with a production volume of 51.2 million tons, experienced a 3.9% decline.
The United States settled in the fourth spot with a total of 46.8 million tons, indicating a 2.3% drop. Russia, witnessing a production growth of 2.8%, secured the fifth rank with 44.2 million tons.
Other major contributors included South Korea with a production of 39.4 million tons, Germany with 21.5 million tons, and Turkey with 18.8 million tons. Brazil and Iran wrapped up the ninth and tenth positions, producing 18.6 and 18.1 million tons respectively.
It’s pertinent to note that steel production is intrinsically tied to the realm of real estate and infrastructure. As a consequence, steel demand tends to flourish during phases of robust economic growth and contracts during economic downturns.
Representing one of the world’s most dynamic industrial associations, the World Steel Association’s members are responsible for approximately 85% of global steel production.
According to World Steel, Iranian crude steel production was 1.98 million mt in July, down 37% from the previous month but only 1.5% lower year-on-year.
Japanese output was up 0.9% year on year at 7.39 million mt, while US production of 6.95 million mt was 0.5% higher year on year.
South Korea’s production for July was reported at 5.71 million mt, down 9% year on year but 3.3% higher on a monthly basis while Turkey produced 2.89 million mt, up 6.4% year on year
Platts, part of S&P Global Commodity Insights, assessed domestic hot-rolled coil prices in Northern Europe at Eur635/mt ex-works Ruhr Aug. 21, down 35% since March 30.
