Economy
Global Steel Production Rose in May: WSA
Written by David Schollaert
June 23, 2022
Global crude steel production was estimated at 169.5 million metric tons in May as steelmakers around the world expanded output by 6.8 million metric tons, or 4.2%, 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 steadily waned through February, driven in large part by Chinese cutbacks. The gains in steel production from March through May across the globe, led by China, have pushed global output to its second-highest total to date.
Steel production worldwide was down 4.9 million metric tons, or 2.8%, last month when compared to May 2021 but up 4%, or 6.4 million metric tons, when compared to the pre-pandemic period in May 2019.
China’s steel production last month totaled 96.6 million tons, up 3.8 million tons (+4.1%) month-on-month (MoM). Production in the rest of the world totaled 72.9 million tons – a gain of 3 million tons (+4.3%) versus April.
Chinese steel output accounted for 57% of worldwide production in May, unchanged MoM.
Nine out of the top ten global steel-producing countries saw production increases MoM in May. China reported the largest total tonnage gain versus March, followed by Japan (+600,000 tons, or +8%), India (+500,00 tons, or +5%) and South Korea (+300,000 tons, +5.5%). The US rounded out the top five (+300,000 tons, or +4,3%).
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
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