World production of crude steel down in August, that of China falls by 5.3% – Prices of steel, aluminum, copper, stainless steel, rare earths, metals, forecasts
Global crude steel production fell 1.4% year-on-year in August, the World Steel Association reported.
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Global crude steel production plummets, including in China
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Global crude steel production fell 1.4% to 156.8 million metric tonnes in August, the World Steel Association reported earlier this month.
The total was down 2.7% from 161.1 million metric tonnes in July.
Meanwhile, the largest steel producer, China, recorded a drop in production for the third month in a row. China produced 83.2 million metric tonnes in August, down 5.3% from 86.8 million metric tonnes.
In addition, Chinese production fell by 95.9 million metric tons in August 2020. Beijing implemented steel production restrictions, which helped lower iron ore prices. In addition, China continued to consolidate its huge steel industry.
For the year through August, however, Chinese production totaled 733.0 million metric tons, up 5.3% year-on-year.
Around the world
India, the second-largest steel producer, saw August production reach 9.9 million metric tonnes, up 8.2% year-on-year.
Japan’s production reached 7.9 million metric tonnes, an increase of 22.9% year-over-year.
US production increased 26.8% year-on-year to 7.5 million metric tonnes. As the American Iron and Steel Institute reported earlier this week, steel capacity utilization in the United States reached 85.2% last week.
Steel price
Steel prices in the United States remain on an upward trend. However, they have slowed down lately.
US hot-dip galvanized steel closed last week at $ 2,262 per short ton, marking a 3.19% month-over-month increase.
Meanwhile, hot-rolled coils closed at $ 1,925 per short ton, up 1.21%. Cold-rolled coils rose 2.23% to $ 2,152 per short ton.
On the other hand, Chinese steel prices have moved sideways. China’s HRC closed at $ 896 per metric ton, up 2.52% month-over-month. Additionally, China’s CRC gained 0.05% to $ 995 per metric tonne.
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