World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 125 million tonnes (Mt) in February 2014, an increase of 0.6% compared to February 2013.
China’s crude steel production for February 2014 was estimated at 62.1 Mt. The total production for January and February 2014 was 130.8 Mt with the estimate for January 2014 being revised upwards to 68.7 Mt. Elsewhere in Asia, Japan produced 8.4 Mt of crude steel in February 2014, an increase of 1.4% over February 2013. South Korea’s crude steel production was 5.3 Mt in February 2014, up by 6.2% on February 2013.
In the EU, Germany produced 3.6 Mt of crude steel in February 2014, an increase of 4.2% compared to February 2013. Italy produced 2.2 Mt of crude steel, up by 3.6% compared to February 2013. France’s crude steel production was 1.2 Mt, a decrease of -3.9% on February 2013. Spain produced 1.2 Mt of crude steel, up by 10.2% compared to February 2013.
Turkey’s crude steel production for February 2014 was 2.7 Mt, up by 0.7% on February 2013.
In February 2014, Russia produced 5.3 Mt of crude steel, a decrease of -3.1% compared to the same month 2013. Ukraine’s production was 2.3 Mt in February 2014, down by -10.7% on February 2013.
The US produced 6.7 Mt of crude steel in February 2014, down by -1.7% on February 2013.
Brazil’s crude steel production for February 2014 was 2.6 Mt, an increase of 1.2% compared to February 2013.
The crude steel capacity utilisation ratio for the 65 countries in February 2014 was 77.6% and it is 2.0 percentage points lower than February 2013. Compared to January 2014, it is 0.7 percentage points higher.
0.6% year on year doesn’t seem so bad. But notice the orange line on the top chart at zero. If it doesn’t turn up it’ll be a very tough year for iron ore.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
