World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 141 million tonnes (Mt) in May 2014, an increase of 2.2% compared to May 2013.
China’s crude steel production for May 2014 was 70.4 Mt, up by 2.6% compared to May 2013. Elsewhere in Asia, Japan produced 9.6 Mt of crude steel in May 2014, a decrease of -0.3% over May 2013. South Korea’s crude steel production was 6.2 Mt in May 2014, up by 11.4% on May 2013.
In the EU, Germany produced 3.9 Mt of crude steel in May 2014, an increase of 7.3% compared to May 2013. Italy produced 2.3 Mt of crude steel, down by -0.8% compared to May 2013. France’s crude steel production was 1.4 Mt, a decrease of -4.0% on May 2013. Spain produced 1.3 Mt of crude steel, down by -2.9% compared to May 2013.
Turkey’s crude steel production for May 2014 was 3.0 Mt, down by -0.7% on May 2013.
In May 2014, Russia produced 6.1 Mt of crude steel, an increase of 0.6% compared to the same month 2013. Ukraine’s production was 2.8 Mt in May 2014, up by 2.2% on May 2013.
The US produced 7.5 Mt of crude steel in May 2014, an increase of 1.4% compared to May 2013.
Brazil’s crude steel production for May 2014 was 2.9 Mt, down by -4.3% on May 2013.
The crude steel capacity utilisation ratio for the 65 countries in May 2014 was 78.5% and it is 0.7 percentage points lower than May 2013. Compared to April 2014, it is 0.2 percentage points lower.
I expect that May or June will be the peak year-on-year growth rate recorded in 2014.
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.
