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Global steel production just hit a record high

Global crude steel production hit the highest level on record in October, boosted by higher output in China, Europe, the US, India and Japan.

According to the World Steel Association (worldsteel), production rose to 145.3 million tonnes, up from 141.6 million tonnes in September, surpassing the 144.8 million tonne record set earlier this year in August.

Over the year, production grew by 5.9%, a slight acceleration on the 5.8% pace reported previously.

China was once again the top individual producer with output lifting to 72.4 million tonnes, an increase of 6.1% on a year earlier. Of the remaining 65 nation’s tracked by worldsteel, production levels jumped to 72.9 million tonnes, up from 69.7 million tonnes in September.

Over the year, production outside of China grew by 5.7%.

Of the major producers, production in the EU rose to 14.75 million tonnes, up from 13.81 million tonnes in September. Output also increased in the US, India, Japan and South Korea, rising to 6.98 million tonnes, 8.63 million tonnes, 8.97 million tonnes and 6.2 million tonnes respectively.

Russian output also bounced, lifting to 6.23 million tonne.

Turkey’s crude steel production for October 2017 was 3.3 Mt, up by 11.1% on October 2016.

The US produced 7.0 Mt of crude steel in October 2017, an increase of 12.0% compared to October 2016.

Brazil’s crude steel production for October 2017 was 3.0 Mt, up by 3.9% on October 2016.

Looking ahead, global production levels look set to decline in the coming months as production cuts in China — introduced to improve air quality during winter — take full effect.

The crude steel capacity utilisation ratio of the 66 countries in October 2017 was 73.0%. This is 3.0 percentage points higher than October 2016. Compared to September 2017, it is 0.6 percentage points lower.

Source: World Steel Association

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