China registers negative growth for the 7th consecutive month
Global crude steel production declined by 6.1 per in January compared with the output in January 2021 and it was also lower by 2.4 per cent compared with December 2021.
According to World Steel Association (worldsteel) data, global steel production is estimated at 155 million tonnes (mt) compared with 162.9 mt in January last year and 158.7 in December 2021.
China yet again dragged output as its production dropped 11.1 per cent compared with the year-ago period. It was also lower than the month-ago period. As per the association data, the Communist nation is projected to have produced 81.7 mt against 90.2 mt in the year-ago period and 86.2 mt in the month-ago period.
Chinese steel production dropped for the seventh consecutive month in January and the concern is that the output decline was higher than in December when it looked to be recovering. In 2021, China produced 1,032.8 mt of crude steel, three per cent lower than the 2020 output.