Economy
Worldsteel: Global Production Pulls Back in April
Written by Laura Miller
May 23, 2023
Global steel production during the month of April was lower both sequentially and on-year, according to the latest data from the World Steel Association (worldsteel).
Worldsteel reports an estimated 161.4 million metric tons of crude steel was produced globally in April. This was a 0.8% drop from the month prior and a 2.4% decline from April 2022.
Recall that production during the month of March was at a 10-month high of 165.1 million metric tons.
Production in China fell back 3.2% month-on-month to an estimated 92.6 million metric tons, while output in the rest of world declined by just 0.9% to 68.8 million metric tons. The result was a reduction in China’s percentage of world production, from 58% in March to 57.4% in April, according to worldsteel data.
Note that in both 2021 and 2022 global production peaked during the month of May.
Regionally, April’s output was higher year-over-year in Africa (+4.8% to 1.3 million metric tons); the Middle East (+4.2% to 4.2 million metric tons); Russia, Ukraine, and other CIS (+5.9% to 7.5 million metric tons).
Production was lower YoY in Asia and Oceania (-1.5% to 121.1 million metric tons), the EU (-11.7% to 11.1 million metric tons), other Europe (-17.3% to 3.5 million metric tons), North America (-4.6% to 9.2 million metric tons), and South America (-2.2% to 3.6 million metric tons).
By Laura Miller, laura@steelmarketupdate.com
Laura Miller
Read more from Laura MillerLatest in Economy
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.