During the last 10 years, a small group of emerging economies in Asia have supported the growth in total global steel production. While India and South Korea have contributed, production from China overwhelmingly leads globally. Accounting for half of global steel production, analysts worldwide monitor China's monthly production figures closely for signs of economic strength but also to gauge forward pricing expectations based on global demand and the production response of competing mills overseas.
Turn the page to 2016 and the Chinese steel industry continues to dominate industry headlines. Total monthly production figures have repeatedly hit record levels, floating between roughly 69.5 and 70.5 million metric tons, but with a note of caution on the sustainability of this production volume.
In 2016 and 2017 China maintained the status of the leader of steel-producing nations. Annual production for China was 870.8 million metric tons of crude steel in 2017, an increase of 7.7% compared to 2016.
In 2018 the number of Chinese steel production continued to increase and reached the record-breaking 928.3 million metric tons per year.
First River has provided strategy consulting services to the steel industry and those with an interest in it since 1998. Now, in partnership with Knoema, you can improve your understanding of the steel industry around the world with proprietary steel-industry data and dashboards from First River.
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