Environment and Energy
Worldsteel: Global Production Sideways in May
Written by David Schollaert
June 22, 2023
Global steel production during the month of May was largely steady compared to the prior month, though down vs. the same year-ago period, according to the latest data from the World Steel Association (worldsteel).
Worldsteel reports an estimated 161.6 million metric tons of crude steel was produced globally in May. This was an 0.1% increase from April’s estimated total of 161.4 million metric tons, but still 4.7% below May 2022.
After reaching a 10-month high of 165.1 million metric tons in March, production has dipped beneath this for both April and May.
Production in China fell back 2.7% month-on-month to an estimated 90.1 million metric tons, while output in the rest of the world grew by 3.9% to 71.5 million metric tons – the highest total in 12 months. The result was a reduction in China’s percentage of world production, from 57.4% in April to 55.8% in May, according to worldsteel data.
Note that in both 2021 and 2022 global production peaked during the month of May.
Regionally, May’s output was higher year-over-year in the Middle East (+25.7% to 4.4 million metric tons); Africa (+18.2% to 1.3 million metric tons); Russia, Ukraine, and other CIS (+6.8% to 7.9 million metric tons).
Production was lower YoY in the EU (-10.1% to 11.6 million metric tons); other Europe (-9.8% to 3.7 million metric tons); Asia and Oceania (-5.8% to 119.5 million metric tons); South America (-5.3% to 3.6 million metric tons); and North America (-3% to 9.6 million metric tons).
By David Schollaert, david@steelmarketupdate.com
David Schollaert
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