Economy

WSA: Global Steel Production Up 16.5% In May

Written by David Schollaert

June 25, 2021

World crude steel production, at an estimated 174.4 million metric tons, was 16.5% higher in May than in the same month last year, reported the World Steel Association (worldsteel). May’s data is significant not just due to a stellar recovery from the coronavirus-driven doldrums, but the fact that May’s output is 2.8% higher than April’s record of 169.4 million metric tons.

May’s increase is the third consecutive month of record-breaking production. Prior to the current rally, the most recent high was May 2019 with a total estimated world crude steel production of 163.1 million metric tons.

Although May’s total, according to worldsteel data, was heavily impacted by China’s estimated 99.5 million metric tons produced—a nearly 2.0% increase from the month prior and a 7.8% surge year on year—the growth was also marked by increases in all regions and in nine of the top 10 steel-producing countries month on month.

Turkey was the only one of the top 10 global steel-producing countries to report a decrease when compared to the month prior. In fact, China’s 1.6% month on month increase was the second lowest increase of the top five global steel-producing nations. India saw a 10.8% increase in May when compared to the month prior at 9.2 million metric tons, and Japan a 7.7% increase at 8.4 million metric tons. The U.S. saw the third-largest growth month on month at 4.4% or 7.2 million metric tons of crude steel production in May.

By David Schollaert, David@SteelMarketUpdate.com

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

Read more from David Schollaert

Latest in Economy

CRU: Dollar and bond yields rise, metal prices fall as Trump wins election

Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.