Global Economic And Trade News: China Steel Output Up
- According to FastmarketsAMM (subscription required), China’s crude steel, hot metal, and finished steel output continued to grow on a year-over-year basis in November even though production declined last month. Specifically, crude steel production fell 4.9 percent from October 2020 to November 2020, but was up eight percent from November 2019 to November 2020; hot metal output was down 5.5. percent for the month, but up 4.7 percent year-over-year; and finished steel production was down one percent from October to November, but advanced 10.8 percent from November 2019 to November 2020.
- The Japan Iron and Steel Federation predicted the country’s crude steel production could recover to nearly 90 million tons during the April 2021 to March 2022 fiscal year from an expected fall to just above 80 million tons in 2020-21. Argus Media said the prediction was “based on rebounding demand at home and abroad from earlier weaknesses triggered by the COVID-19 pandemic” and that “domestic steel demand is expected to increase from the manufacturing industry, led by auto producers, while demand from the construction sector will remain flat.”
- According to FastmarketsAMM (subscription required), crude steel output in Italy rose 3.17 percent from November 2019 to November 2020 while flat steel output fell 7.43 percent.
- As Argus Media reported, Chinese industrial output grew seven percent from November 2019 to November 2020. Manufacturing output was up 7.7 percent with machinery production increasing 18 percent, auto manufacturing up by 11.1 percent, and ferrous metals production rising 9.6 percent.