Global Crude Steel Production Surged 3.5% in February

SEATTLE (Scrap Monster):  The 64 countries reporting to the World Steel Association (worldsteel) reported 131.8 million tonnes (Mt) of crude steel production during February this year. This is significantly higher by 3.5% when compared with February last year. The capacity utilization rate of these countries was 73.3% during the month, 1.8% higher over the previous year.

The steel production by Asian region surged higher by 4.3% from 86.736 Mt in February 2017 to 90.475 Mt in February this year. The region accounted for nearly 69% of the global steel production. China-the world’s leading steel producer reported 5.9% jump in steel output when matched with February 2017. Also, India overtook Japan to become the second largest regional producer. The other countries in the region to report positive output growth were Thailand and Vietnam.

The Middle East steel output skyrocketed by 19%, mainly on the back of 49% year-on-year increase in output by Iran. The regional production totaled 2.859 Mt in February this year. The production had totaled only 2.403 in February 2017. Meantime, other countries in the region including Qatar, Saudi Arabia and the UAE reported sharp decline in output.

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The South American output climbed higher by nearly 7% from 3.259 Mt to 3.483 Mt over the year. Brazil continued to be the largest producer in the region, recording 6% output growth from February 2017. Uruguay and Argentina recorded sharp increase in monthly output, whereas output by Colombia, Ecuador and Venezuela dropped. The North American output totaled 9.056 Mt in February 2018, marginally lower by 2.3% from the same month last year. The US crude steel output was up marginally by 0.4%.

The EU-28 countries and CIS witnessed marginal decline in output. On the other hand, crude steel output recorded year-on-year jumps in Africa, Oceania and Other Europe regions.