Base metals: Steel production further dampened

by Hans Diederichs

As the World Steel Association reported yesterday, global steel production in June fell 7% year-on-year to 148.3 million tonnes. The coronavirus continues to be responsible for this. On a daily basis, however, it has recovered from its April low due to record steel production in China. China now accounts for over 60% of the world's steel production. However, China was unable to prevent the decline in June and the first half of the year (-6% to 873 million tonnes) as production in other regions collapsed: Almost 19% less steel was produced in the EU and almost 18% less in North America. According to estimates by the steel analysis company MEPS, around 1.8 billion tonnes of steel should be produced worldwide in 2020 as a whole, which is easily enough to meet the expected demand of 1.65 billion tonnes.

Source: Commerzbank AG                                        Photo: Fotolia

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