China produced half of record global steel production in March 2018.
According to the report half of global crude steel output came from Chinese mills. 63 countries combined to produce 74.4 million tons of steel while China produced 74 million tons of steel on its own. Compared to March 2017 this is a 4.5% rise in steel production. Their production falls in line with the year over year global increase. However, while China produced an additional 9 millions tons of steel in March compared to February, their YOY increase dropped from 5.9% to the aforementioned 4.5%. There was no difference for the rest of world in YOY growth when comparing the record March to February.
The number 2 steel producer in the world, India, contributed a crude steel output of 9.2 million tons in March. Japan would just fall shy of India’s output with 9.1 million tons of steel produced.
Global scrap steel availability expected to grow
The growing amount of global scrap availability will most likely have an effect on the future of steelmaking. The World Steel Association estimates that in 2017 global ferrous scrap availability was about 750 million tons. In the next 30 years scrap availability is expected to grow by more than 500 million tons. The strongest growth in this market is expected from China which will likely represent at least 25% of accessible volume.