World Steel Output Saw Notable Dip in July

SEATTLE (Scrap Monster): The world crude steel production by 64 countries reporting to the World Steel Association (worldsteel) was 149.3 million tonnes (Mt) in July this year, significantly down by 6.5% when compared with the same month a year before.

Region-wise, the Middle East region recorded the biggest surge in output. The steel production by the region totalled 3.2 Mt, significantly higher by almost 24.2% from the previous year. It was the only region to witness year-on-year jump in output.

On the contrary, Russia & Other CIS+ Ukraine region’s production tumbled by 29.1%. The Other Europe region saw its output falling by 16.5%, upon comparison with July 2021. The production by North America and South America posted modest declines by 5.4% and 7.8% respectively. The African crude steel production too was down by over 5.4% from July last year.

China- the single largest producing nation saw its output edge lower by almost 6.4% to 81.40 Mt in July this year. On the contrary, the Indian steel output edged higher by 3.2% year-on-year to total 10.1 Mt during the month. Iran too reported notable surge in steel output in July 2022.

The U.S. produced approximately 7 Mt of steel in July this year, a decline of almost 6.4% when compared to the prior year month.

The cumulative steel output by the above mentioned 64 countries during the initial seven-month period in 2022 totalled 1,102.3 Mt, down by 5.4% when matched with the corresponding period in 2021, said the worldsteel data.

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