Economy
WSA: Global Steel Production Recovered in March
Written by David Schollaert
April 25, 2022
Global crude steel production was estimated at 161.1 million metric tons in March as steelmakers around the world expanded output by 18.4 million metric tons, or 12.9%, from the prior month, the World Steel Association (worldsteel) reported.
Since reaching an all-time high of 174.4 million metric tons last May, global steel output had waned in seven of the last ten months, driven largely by Chinese cutbacks. Though global production as a whole rebounded MoM in March, the double-digit percentage growth was driven by China’s 17.7% surge in steel production – a gain of 13.3 million metric tons versus February. Output in the rest of the world rose MoM in March by 7.5%, or 5.1 million metric tons, worldsteel said.
Steel production worldwide was down 8.1 million metric tons, or 4.8%, last month when compared to March 2021 but up 3%, or 4.6 million metric tons, when compared to the pre-pandemic period in March 2019.
Chinese steel output accounted for 54.8 of worldwide production in March, up 2.2 percentage points MoM.
Nine out of the top ten global steel-producing countries saw production increases MoM in March. China reported the largest percentage and total tonnage gain versus February, followed by India (+800,000 tons, or +7.9%), Japan (+700,00 tons, or +9.6%), US (+600,000 tons, +9.4%), and South Korea (+500,000 tons, or +9.6%) rounding out the top five.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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