Global steel sector starts second half with uptick

World crude steel production in the 63 countries that report to the Brussels-based World Steel Association (Worldsteel) was 158.5 million metric tons this July, representing a 6.6 percent increase compared with July 2022.

Year-to-date steelmaking figures remain down in six of the world’s 10 largest steelmaking countries. In July, however, output was down in only four of those nations compared with July of last year, with the United States, Turkey and Japan all managing to move from the negative to the positive column.

Indian steel output this July outpaced last year’s production by more than 14 percent. In China, where widespread economic concerns have been documented, the nation’s steelmakers nonetheless churned out 11 percent more steel this July compared with July 2022.

Ferrous scrap exporters who have watched Turkey’s output drop all year will be gratified to hear its steel producers made 6.4 percent more steel this July compared with a year ago.

Suffering through the most difficult July were steelmakers in South Korea, where output this July dropped by 9 percent compared with July 2022 production.

After seven months in the Worldsteel books, production in the U.S. is off by 2.3 percent year to date, while two of its leading ferrous scrap export destinations paint two different pictures.

In the U.S., the Washington-based American Iron and Steel Institute (AISI), a Worldsteel member organization, reports in the week ending Aug. 19, American output of about 1.75 million tons was up by 2.2 percent compared with the same week last year. The production figure also was up by 1.1 percent from the previous week.

On the export front for ferrous scrap processors, while Turkey has made 13.5 percent less steel year to date, India’s 2023 production rate is outpacing last year’s by 9 percent.