The decline in global crude steel production continued in January with the output slipping by 3.3 per cent to 145.3 million tonnes (mt). The drop comes on the heels of a 4.3 per cent output fall in 2022 to 1,831.3 mt.
Data released by World Steel Association (worldsteel), however, showed a 2.3 per cent rise in Chinese production, an improvement from 2022 when its output dropped 2.1 per cent. In December 2022, China’s production slid 9.8 per cent.
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In January, China is estimated to have produced 79.5 mt of steel, while the output in India turned out to be a disappointment. Crude steel production in India declined marginally to 10.9 mt.
US, Japan too report fall
Steel production in Japan and the US, too, dropped by 6.9 per cent and 6.8 per cent, respectively. Japanese output was pegged at 7.9 mt and that of the US at 6.5 mt.
Russian production was estimated at 5.8 mt, down 8.9 per cent year-on-year. South Korea’s output dropped by 9.8 per cent at 5.5 mt. Germany’s production was estimated to have slipped by 10.2 per cent at 2.9 mt.
Brazil’s output slid 4.9 per cent to 2.8 mt but Iran showed a positive trend with the production rising 27.7 per cent at 2.7 mt. worldsteel data is compiled taking into account production in 63 countries that report to the association.