Global crude steel production down in August, China’s drops 5.3%
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.
Around the world
Second-largest steel producer India saw its August output reach 9.9 million metric tons, or up 8.2% year over year.
Japan’s production reached 7.9 million metric tons, or up 22.9% year over year.
U.S. output rose 26.8% year over year to 7.5 million metric tons. As the American Iron and Steel Institute reported earlier this week, U.S. steel capacity utilization reached 85.2% last week.
Steel prices
U.S. steel prices remain on an upward trend. However, they have slowed down of late.
U.S. hot-dipped galvanized steel closed last week at $2,262 per short ton, marking a 3.19% month-over-month increase.
Meanwhile, hot-rolled coil closed at $1,925 per short ton, or up 1.21%. Cold-rolled coil rose by 2.23% to $2,152 per short ton.
On the other hand, Chinese steel prices have trended sideways. Chinese HRC closed at $896 per metric ton, up 2.52% month over month. In addition, Chinese CRC picked up 0.05% to $995 per metric ton.
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