August Global Crude Steel Production Up 2.6% Year Over Year

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According to a World Steel Association report, global crude steel production in August was up 2.6% compared with production in August 2017.
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The 64 countries reporting production to the World Steel Association produced a total of 151.7 million tons in August, according to the report. Global production reached 147.9 million tons in August 2017.
China produced 80.3 million tons in August, up 2.7% from August 2017 (when it was 78.2 million tons). Chinese production growth has been on the decline since May, when it hit 8.9%. Chinese production growth was up 7.2% year over year in July.
Meanwhile, India saw its production rise 3.7% year over year, up to 8.8 million tons.
The U.S. produced 7.5 million tons of crude steel in August 2018, marking an increase of 5.1% compared to August 2017.
Japan produced 8.8 million tons, marking a 0.9% year-over-year increase. South Korea hit 6.1 Mt, holding flat from August 2017.
As for Europe, Spain’s production hit 1.2 million tons, up 6.6%. Italy’s production rose 6.0% to 1.2 million tons. France’s crude steel production was 0.9 million tons, marking a 16.8% year-over-year decline.
Turkey’s crude steel production hit 3.0 million tons, down by 5.7%.

Eyes on Overcapacity

On the overcapacity front, as we noted Monday, steel-producing nations met in Paris last week to discuss strategies to curb global overcapacity.
During the Global Forum on Steel Excess Capacity, nations discussed the way forward, continuing a dialogue on a subject after the November 2017 meeting in Berlin.
In addition, a European Commission went after the U.S., calling its Section 232 tariffs “unjustified.”
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“The EU currently has an unprecedented number of trade defence measures in place targeting unfair imports of steel products, with a total of 53 anti-dumping and anti-subsidy measures,” the statement said. “The EU has also activated all legal and political tools at its disposal to fight unjustified US 232 measures.”

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