Global Steel Production: China's Share Tops 54 Percent

China’s crude steel production in April exceeded an annualized rate of one billion tons for the first time as the Asian giant continues to grow its global market share, according to Steel Market Update’s analysis of the latest World Steel Association data.

On March 27, the OECD Steel Committee reported: “Low growth prospects for the global economy, slowing demand for steel and virtually unchanged steelmaking capacity are driving severe and persistent excess capacity in the steel sector. The Committee reiterated the need for capacity reductions in relevant economies and for the removal of subsidies and other support measures that are distorting steel markets. The Committee said that if planned new steel plants, some in regions where excess capacity is already prevalent, become operational, global steelmaking capacity could increase by 4-5% between 2019 and 2021. It called for the G20-led Global Forum on Steel Excess Capacity to swiftly implement agreed policy actions to eliminate excess capacity and market-distorting support measures, and expressed support for the continuation of the Forum’s work. The Committee also discussed recent trade measures affecting steel and steelmaking raw materials, with several delegations expressing concern about the impact of certain trade measures on steel trade flows, as well as the effect of these measures in prompting trade measures in other jurisdictions. Excess capacity remained high at 425.5 million tonnes in 2018.”