Global Crude Steel Production Surged 6% in October

SEATTLE (Scrap Monster): The crude steel production by 66 member countries reporting to the World Steel Association (worldsteel) reported significant jump during the month of October this year. The monthly output statistics released by the world steel trade body suggests 5.9% year-on-year jump in global crude steel production in October 2017. The output totaled 145.254 million tonnes (Mt) as compared with the output of 137.214 Mt in October 2016. The monthly crude steel capacity utilization ratio was 73%, when matched with 70% a year before. All regions except Oceania reported big jump in output.

South America

The crude steel output by the South American region increased marginally by 2.6% over the previous year. The regional output totaled 3.867 Mt in October 2017. Brazil was the largest producer in the region with an output of 3.045 Mt. Paraguay reported biggest jump in production with monthly production surging higher by nearly 68% over the year. On the other hand, Venezuela reported 85% decline in output during the month.

North America

The output by the North American region surged higher by 9.3% during the month. The production totaled 9.766 Mt during the month, as compared with 8.933 Mt during October 2016. The US output surged higher by 12% to total 6.976 Mt. The other leading producers of crude steel were Mexico (1.650 Mt) and Canada (1.085 Mt). The production volumes by Guatemala, Mexico and Cuba declined marginally when compared with October last year.

Asia

The Asian crude steel output surged higher by 5.7% during the month. The Chinese output grew by 6.1% to total 72.362 Mt. Pakistan and Vietnam reported notable jump in production. Japan was the only country in the region to witness reduced output over the previous year. India, which improved its output by 5.3% year-on-year, is all set to overtake Japan to become the world’s second largest crude steel producer after China.

Africa

The crude steel production by the African region surged higher significantly by nearly 19% during the month. The rise in production was mainly on account of 93.3% jump in output by Libya. Egyptian crude steel output surged by nearly 31%. South Africa too reported 6% jump in output during the month of October 2017.

Other regions

Among other regions, the output by the Middle East region reported 18% growth over the previous year. EU-28 countries too produced 3.4% more steel during October this year in comparison with the previous year. CIS region’s production climbed higher by nearly 3.6%. Among regions, only Oceania reported reduced output. The output by the region declined marginally by 3% in October 2017.