Global Crude Steel Output Dipped Notably Until August

SEATTLE (Scrap Monster): The crude steel production by world countries recorded modest decline during the initial eight-month period this year. In accordance with the latest statistics published by the World Steel Association (worldsteel), the global crude steel output registered decline by 4.2% in Jan-Aug ‘20, upon comparison with the similar eight-month period a year before. The above figures are based on the output by 64 steel producing countries, which accounted for approximately 99% of the world crude steel production in 2019. The monthly output rebounded marginally in August 2020.

The crude steel production totalled 1.188 billion tonnes in January to August in 2020, as compared with the production of 1.240 billion tonnes in Jan-Aug ‘19.

All regions across the globe saw reduced output over the previous year. The Asian steel production witnessed marginal decline by 0.7%. The Middle East steel output dropped by 1.4%.

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The South American production nosedived by 15.2%, whereas the North American countries recorded sharper decline in output by 19% over the previous year. The African crude steel production tumbled by 18.6%. Meantime, the EU-28 and CIS region output was down by 18.6% and 4.50% respectively. The crude steel output by the Oceania region recorded a decline of 1.7% in Jan-Aug ‘20. The output by Other European countries collapsed by 1.9% from the prior year, worldsteel data said.