WSA: Global Steel Production Edges Up in October

Written by David Schollaert

Steelmakers around the world produced an estimated 145.7 million metric tons of crude steel in October, up 0.9% or 1.3 million tons from the prior month, reported the World Steel Association (worldsteel).

October’s growth marked the first month of expansion since May, a notable result, especially given a 3.0% production contraction in China, down 2.2 million tons during the month. Global steel production in October was down 10.6% compared to the same period a year ago.

Following record-breaking increases from March through May, global crude steel output had been trending down, driven by Chinese cutbacks. Despite the continued reduction in China, global output ex-China drove the month-on-month increase in October, worldsteel said.

Chinese steel production was down 28.0% in October since maxing out at 99.5 million tons in May. China has produced roughly half the world’s steel each year, expanding to as much as 57.8% this past May. Following five months of repeated decreases, however, Chinese production now accounts for 49.1% of worldwide production, edging below the halfway mark for the first time since March 2018.

All the top 10 global steel-producing countries – with the exception of China – reported increased output month on month in October. Iran reported the largest expansion, up 69.2% or 900,000 tons more than September, for a total of 2.2 million tons. They were followed by Germany, up 12.2% to 3.7 million tons, and Turkey, up 6.1% to 3.5 million tons. U.S. production grew by 2.7% in October, up 200,000 tons to a sum of 7.5 million tons versus the prior month, worldsteel reported.

By David Schollaert,

David Schollaert

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