The data of the World Steel Manufacturers Association on Wednesday showed a decrease in world steel production by 2.8% in October to 151.5 million tons with a decrease in production in all regions.
According to the estimates of the 50-year-old branch body, the production of crude steel in China, which accounts for more than half of the global volume, in October fell by 0.6% year on year. The recession occurred amid a reduction in capacity during the celebration of the country's 70th anniversary.
China also imposes restrictions on production in the winter months and until March, but thanks to an increase in production at the beginning of 2019, from the beginning of the year, steel production continues to increase by 7.6% to 746 million tons.
US production also fell in October, down 2% year on year to 7.4 million tons. Given the nearly 40% drop in steel prices in the country last year, when the effect of anti-dumping measures against China is weakening, the decline in production was moderate.
The USA also introduced 25% of the introduced tariffs on steel exports from the EU, Canada and Mexico.
The fall in Europe was significant: the fall was 8.7%. The profitability of steelmakers on the continent has declined, as excess capacity elsewhere ends in a region that, unlike the United States, did not take any anti-dumping measures. Since the beginning of the year, crude steel production in the EU has decreased by 3.6% to 122 million tons.
India’s number three global producer, which overtook Japan last year, saw a 3.4% fall to 9.1 million tons in October, reducing annual growth to 3% to 84.2 million tons.
Japanese production fell by almost 5% in October, partly due to typhoons, and since the beginning of the year, production in the country has declined 3.9% to 75.6 million tons.
steel production
