Economy

Global Steel Production Rose in May: WSA

Written by David Schollaert

June 23, 2022

Global crude steel production was estimated at 169.5 million metric tons in May as steelmakers around the world expanded output by 6.8 million metric tons, or 4.2%, from the prior month, the World Steel Association (worldsteel) reported.

Since reaching an all-time high of 174.4 million metric tons last May, global steel output had steadily waned through February, driven in large part by Chinese cutbacks. The gains in steel production from March through May across the globe, led by China, have pushed global output to its second-highest total to date.

 

Steel production worldwide was down 4.9 million metric tons, or 2.8%, last month when compared to May 2021 but up 4%, or 6.4 million metric tons, when compared to the pre-pandemic period in May 2019.

China’s steel production last month totaled 96.6 million tons, up 3.8 million tons (+4.1%) month-on-month (MoM). Production in the rest of the world totaled 72.9 million tons – a gain of 3 million tons (+4.3%) versus April.

GCSP May22

Chinese steel output accounted for 57% of worldwide production in May, unchanged MoM.

Nine out of the top ten global steel-producing countries saw production increases MoM in May. China reported the largest total tonnage gain versus March, followed by Japan (+600,000 tons, or +8%), India (+500,00 tons, or +5%) and South Korea (+300,000 tons, +5.5%). The US rounded out the top five (+300,000 tons, or +4,3%).

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.

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