Economy
WSA: Global Steel Production Up 16.5% In May
Written by David Schollaert
June 25, 2021
World crude steel production, at an estimated 174.4 million metric tons, was 16.5% higher in May than in the same month last year, reported the World Steel Association (worldsteel). May’s data is significant not just due to a stellar recovery from the coronavirus-driven doldrums, but the fact that May’s output is 2.8% higher than April’s record of 169.4 million metric tons.
May’s increase is the third consecutive month of record-breaking production. Prior to the current rally, the most recent high was May 2019 with a total estimated world crude steel production of 163.1 million metric tons.
Although May’s total, according to worldsteel data, was heavily impacted by China’s estimated 99.5 million metric tons produced—a nearly 2.0% increase from the month prior and a 7.8% surge year on year—the growth was also marked by increases in all regions and in nine of the top 10 steel-producing countries month on month.
Turkey was the only one of the top 10 global steel-producing countries to report a decrease when compared to the month prior. In fact, China’s 1.6% month on month increase was the second lowest increase of the top five global steel-producing nations. India saw a 10.8% increase in May when compared to the month prior at 9.2 million metric tons, and Japan a 7.7% increase at 8.4 million metric tons. The U.S. saw the third-largest growth month on month at 4.4% or 7.2 million metric tons of crude steel production in May.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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