Global crude steel production fell 2.67 percent month-on-month in August due to declining Chinese production. It seems that steel-producing countries have reduced their production in line with China’s move in the steel market. Continuation of this trend will lead to a decline in global steel production in 2021. The steel market has not yet returned to normal days before the pandemic.
*** World Steel Association report on global crude steel production trends
The 64 countries that report to the World Steel Association, World Steel, produced 156.8 million tonnes last month. The association announced the update on Thursday, September 23rd. August production fell 1.40 percent from 161.1 million tonnes in July. This figure reached 159.1 in August 2021. China, the world’s leading steelmaker, produced 83.2 million tonnes in August. Irene fell 4.15 percent from 86.8 million tonnes in July and 13.24% from 95.9 million tonnes in August 2020.
*** Analysts look at the international crude steel market
Caroline, an analyst at the Capital Economist Institute, wrote in a note. Given that Chinese officials are actively encouraging lower production. Global crude steel production is likely to decline further in the coming months. Admittedly, [China’s daily production] had improved from a decline of 10.50% in July. But it still shows that the agents did not fully explain all the July recession. It reinforces our view that the government is serious about curbing steel production. China’s dictatorial pricing in the global steel market seems to be the most important factor in the decline in prices in the global steel market.
*** Evaluate the trend of China’s crude steel market in terms of statistics
Production in China from January to August was 733 million tons. This figure compared to the first 8 months of 2020 increased by 5.30% compared to the same period last year. Chinese hot-rolled coil futures have recently retreated due to lower-than-expected demand during the peak summer months, sources said. Data released by the association on Friday, September 24th, showed that Cisa member factories continued to cut their production rates for crude steel, steel end-chain products and hot metal in mid-September after declining production in the first 10 days of the month. Continue to reduce.
*** Review of US crude steel production and comparison with global crude steel
The United States produced 7.5 million tons of crude steel in August, which remained stable in July, up 26.80 percent from 5.9 million tons in August 2020. This year, US production of 57.1 million tonnes increased by 19.50% compared to January-August 2020. The Capital Economist said in a note that production in the United States stabilized in August, with early signs that it was relatively unchanged in September. Despite very high prices, steel mills appear to be struggling to increase production.
*** A unique opportunity for Indian steelmakers
Among the top ten producing countries, India produced 9.9 million tonnes in August, up slightly from 9.8 million tonnes in July and 8.2% year-on-year. Indian steel mills respond to strong export demand , Increase their production. India has reportedly benefited from China’s efforts to limit its steel exports.
*** The growing trend of crude steel production in Japan
Japan’s production fell 7.9 million tonnes in August, slightly from 8.0 million tonnes in July, but still increased by 22.90% compared to August 2020 compared to last year. It seems that Japan has taken a different path from China in steel production.
*** Russian production growth in the first six months of the year
Russia is estimated to have produced 6.3 million tonnes, up 4.40% from last year. South Korea produced 6.1 million tons, up 6.20 percent from a year earlier. Germany produced about 3.0 million tons of crude steel, up 6.70 percent from a year earlier.
*** ۱۴% growth in Brazilian crude steel production
Brazil produced 3.1 million tonnes, up 3.0 million tonnes year-on-year from July and up 14.10% year-on-year. Iran is estimated to produce 2.5 million tonnes, down from 2.6 million tonnes in July, up 8.70% from last year. Other steel-producing countries have behaved similarly to the Chinese market. Turkey produced 3.5 million tonnes, up from 3.2 million tonnes in July and 7.10% higher than in August 2020.
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