Global steel output tumble deepens

Via World Steel:

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 151.5 million tonnes (Mt) in October 2019, a 2.8% decrease compared to October 2018.

China’s crude steel production for October 2019 was 81.5 Mt, a decrease of 0.6% compared to October 2018. India produced 9.1 Mt of crude steel in October 2019, down 3.4% on October 2018. Japan produced 8.2 Mt of crude steel in October 2019, down 4.9% on October 2018. South Korea’s crude steel production was 6.0 Mt in October 2019, a decrease of 3.5% on October 2018.

Production (Mt)Growth (% y-on-y)Crude steel productionWorldROWChinaWorld (%)ROW (%)China (%)May-18Jun-18Jul-18Aug-18Sep-18Oct-18Nov-18Dec-19Jan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19050100150200-100102030worldsteel.orgMay-18● China (%): 8.8%

In the EU, Germany produced 3.3 Mt of crude steel in October 2019, down by 6.8% on October 2018. Italy produced 2.2 Mt of crude steel in October 2019, down by 3.7% on October 2018. France produced 1.2 Mt of crude steel in October 2019, a 10.6% decrease compared to October 2018. Spain produced 1.2 Mt of crude steel in October 2019, down by 7.6% on October 2018.

The US produced 7.4 Mt of crude steel in October 2019, a decrease of 2.0% compared to October 2018.

Brazil’s crude steel production for October 2019 was 2.6 Mt, down by 19.4% on October 2018.

Turkey’s crude steel production for October 2019 was 2.7 Mt, down by 15.0% on October 2018.

Crude steel production in Ukraine was 1.6 Mt this month, down 12.7% on October 2018.

You can thank 300 dead Brazilians for iron ore not already being at $50 and falling.

David Llewellyn-Smith

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.

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