World crude steel production dips 10% in November as property distress hit Chinese Steel sector

Biznextindia : World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) dropped by 9.9% (YoY) to 143.3 million tonnes (Mt) in November 2021. In October, World crude steel production had dropped by 10.6% to 145.7 Mt.

The drop in Crude steel production is mainly due to 22% drop in Chinese steel output to 69.3 Mt. Steel demand in China, the world’s largest Steel producer, is continued to be weak due to easing of demand form construction activities, which accounts for almost half of Chinese Steel consumption. The Chinese construction sector is going through a challenging time owing to debt cris faced by leading property developers including Evergrande.

Meanwhile, India, the world’s second largest steel producer witnessed a marginal 2.2% rise in Steel output to 9.8 Mt. Japan produced 8.0 Mt, up 10.7%. The United States produced 7.2 Mt, up 13.8%. Russia is estimated to have produced 6.5 Mt, up 9.4%. South Korea produced 5.9 Mt, up 2.7%. Germany produced 3.4 Mt, down 0.3%. Turkey produced 3.4 Mt, up 6.1%. Brazil produced 3.1 Mt, up 2.5%. Iran is estimated to have produced 2.7 Mt, down 5.2%.

Africa produced 1.5 Mt in November 2021, up 37.4% on November 2020. Asia and Oceania produced 98.3 Mt, down 15.5%. The CIS produced 8.8 Mt, up 5.8%. The EU (27) produced 12.9 Mt, up 3.7%. Europe, Other produced 4.3 Mt, up 4.4%. The Middle East produced 3.8 Mt, down 5.3%. North America produced 9.7 Mt, up 9.3%. South America produced 3.9 Mt, up 3.5%.