Mumbai: Global crude steel output in January rose by a measly 0.8%. Steelmakers have been cutting output, notably in Europe, to cut supply and support prices. Global capacity utilization is down to 71.2%, from 77.7% in September. The CIS (Commonwealth of Independent States) countries and North America have also seen output decline. But China—which contributes 48% of global steel output—is living in a different world, with its output rising by 4.6%, marking the fifth successive month of rising output. The worry for steelmakers is how much of this output will be exported, as that can upset their supply tightening efforts.
China steps up steel output
China, which contributes 48% of global steel output, is living in a different world, with output rising 4.6%, marking the fifth successive month of rising output
Global crude steel output in January rose by a measly 0.8%. Photo: AFP