Global Economic Analysis and News of Note: Chinese Steel Output Up 3.9 Percent In Last Year
- According to the World Steel Association, global raw steel production fell 0.91 percent from August 2016 to September 2016, but was up 2.02 percent between September 2015 and September 2016. Capacity utilization in September was 70 percent, up from 68.5 percent in August and 69.5 percent in September 2015. American Machinist said, “Much of the declining output is accounted for by Chinese producers trimming excess and outdated production capacity –in line with Chinese regulators’ long-range directives.” Steel output in China fell about one percent from August to September, but was up 3.9 percent year-over-year.
- Japanese exports fell 6.9 percent between September 2015 and September 2016, the 12th month in a row that shipments from the country had declined. The reading was better than expected, however—analysts had predicted a 10.8 percent drop in exports. Exports to the United States were down 8.7 percent while exports to China fell 10.6 percent. Exports to the European Union improved, rising 0.7 percent. Overall imports were down 16.3 percent.