Biznextindia : The ongoing COVID-19 pandemic has significantly affected the global steel industry as production of the metal declined by 7 per cent in June to 148.3 million tonnes (Mt). With this the cumulative steel production during the first 6 months of 2020 has declined by 6 per cent to 873.1 Mt.
According to the latest data released by World Steel Association (worldsteel) despite higher output in China (up 4.5 per cent to 91.6 Mt), all the other major steel producing nations have reported significant drop in output due to the pandemic.
While, India’s steel output dropped by 26.3 per cent to 6.9 Mt, Japan’s steel output dropped by 36.3 per cent to 5.6 per cent and South Korea’s steel production dropped by 14.3 per cent to 5.1 Mt.
“World crude steel production was 873.1 Mt in the first six months of 2020, down by 6.0% compared to the same period in 2019. Asia produced 642.0 Mt of crude steel in the first half of 2020, a decrease of 3.0% over the first half of 2019. The EU produced 68.3 Mt of crude steel in the first half of 2020, down by 18.7% compared to the first half of 2019. North America’s crude steel production in the first half of 2020 was 50.2 Mt, a decrease of 17.6% compared to the first half of 2019” said worldsteel.
On the other hand, Germany produced 2.5 Mt of crude steel in June 2020, down 27.3% on June 2019. Italy produced 1.8 Mt of crude steel in June 2020, down 13.0% on June 2019. France and Spain each produced 0.8 Mt of crude steel in June 2020, down 34.9% and 31.5% respectively on June 2019. The United States produced 4.7 Mt of crude steel in June 2020, a decrease of 34.5% compared to June 2019. Production in the C.I.S. is estimated to be 7.9 Mt in June 2020, down 5.0% on June 2019. Ukraine produced 1.8 Mt of crude steel in June 2020, up 9.0% on June 2019. Turkey’s crude steel production for June 2020 was 2.8 Mt, up by 4.1% on June 2019.