Global crude steel production totaled 145.3 million tons in January. This is up month-on-month by 4.6 million tons (3%) but is 9.7 million tons (-6%) less than was reported last year for January 2022’s production. Global crude steel production has now contracted on a year-on-year basis for three straight months and during fifteen of the last seventeen months. It is very rare for global steel production to contract for such a long period, and the contraction recently has been entirely outside of China. China’s crude steel production increased on a year-on-year basis last month by 500,000 tons (1%).
Global crude steel production outside of China totaled 65.8 million tons last month. This is up month-on-month by 3 million tons (5%) but is 7.5 million tons (-10%) less than was reported last year for January 2022’s production. Concerning is that global crude steel production outside of China has now contracted on a year-on-year basis for eleven straight months. It remains clear that the world outside of China is undergoing very significant economic distress. Problems remain on both the retail and industrial sides.
