Steel Products Prices North America
Global Steel Production Falters in Most of the World
Written by Sandy Williams
August 27, 2020
Global steel production continued to decline in July. The World Steel Association reports crude production fell 2.5 percent year-over-year to 152.7 million metric tons based on reporting and estimates by 64 countries.
The COVID-19 crisis and its disruption to economic activity was blamed for the fifth month of consecutive decline.
Robust demand boosted China crude steel production for July to 93.4 million metric tons, an increase of 9.1 percent compared to July 2019. WSA is forecasting a 1 percent rise in steel demand for China in 2020 that will be driven by government infrastructure projects in the second half.
U.S. crude steel production totaled 5.2 million metric tons, down 29.4 percent. Canada and Mexico saw crude production fall 24.5 percent and 22.6 percent, respectively.
Production in the EU fell 24.4 percent year-over-year to an estimated 9.8 million tons, as most nations suffered double-digit declines. Production fell 5.8 percent in the CIS and 8.3 percent in South Korea.
Steel output increased 7.4 percent in Turkey, 14.4 percent in Iran and 3.5 percent in Brazil. Australia also saw an uptick in production of 11.6 percent.
Sandy Williams
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