This morning in metals news, U.S. raw steel production for the year through Aug. 24 is up 4.4%, Beijing’s Chalco reported profits declined in the first half of the year and India’s steel demand is slowing.
Raw Steel Production Jumps 4.4%
The American Iron and Steel Institute reported U.S. raw steel production for the year through Aug. 24 increased 4.4% on a year-over-year basis.
Production for the year to date reached 63.5 million net tons at a capability utilization rate of 81.0%.
Chalco 1H 2019 Profits Drop
First half profits for Aluminum Corp of China Ltd dropped 14.1% on a year-over-year basis, Reuters reported.
The firm’s second quarter profits fell 52.7% year over year, according to Reuters.
India’s Steel Demand Lags
India is on pace for a slowdown in steel consumption this year, paced by a slowdown in downstream demand, the Hellenic Shipping News reported.
For the April-July period, steel consumption growth of 6.6% marked a decline from the 9.7% growth posted during the same period in 2018.