Global crude steel production fell by 1.4% year over year in August, the World Steel Association reported.
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Global crude steel production falls, including in China
Global crude steel production fell by 1.4% to 156.8 million metric tons in August, the World Steel Association reported earlier this month.
The total marked a 2.7% decline from 161.1 million metric tons in July.
Meanwhile, top steel producer China saw a decline in output for the third consecutive month. China produced 83.2 million metric tons in August, down 5.3% from 86.8 million metric tons.
Furthermore, China’s output fell from 95.9 million metric tons in August 2020. Beijing has implemented steel productions curbs, which have helped send iron ore prices downward. In addition, China has pushed forward with consolidation of its massive steel sector.
For the year through August, however, China’s production totaled 733.0 million metric tons, up 5.3% year over year.