Steel Output Down Globally, But Up In China, India
- According to FastmarketsAMM (subscription required) global crude steel production fell 0.3 percent from September 2018 to September 2019 to 151.5 million tons. Production in China rose 2.2 percent and Indian output increased 1.6 percent while production in Germany (-4.0 percent,) Japan (-4.5 percent), Russia (-4.1 percent), South Korea (-2.7 percent), and the United States (-2.5 percent) declined.
- Manufacturing readings from around the globe have been mixed so far in October. The Caixin PMI for China “showed the strongest improvement in operating conditions faced by Chinese manufacturers since February 2017. Output and new orders both expanded at steeper rates, with the latter supported by a renewed increase in export business.” Readings for India, Japan, and Vietnam declined while South Korea’s PMI increased, but just slightly. The IHS Markit PMI for the United Kingdom continued to fall under the 50 mark that separates expansion from contraction due to “ongoing uncertainties surrounding Brexit.” As a reminder, all PMI readings can be found here.