Industry - Monthly Industry Briefings - Basic Metals
World crude steel production declined 5.7% year-on-year in February. The decline was led by China, where production dropped 10% compared to year-ago levels, although the timing of the Chinese New Year holidays may have skewed year-on-year comparisons. The near-term outlook for Chinese steel production is now looking more downbeat than a month ago due to further lockdowns disrupting supply. For example, the city of Tangshan, which produces around 15% of Chinese steel, has been in lockdown since late March. Outside China, production was down year-on-year in five of the other nine top producing countries with India, USA, Germany, and Iran the producers' that registered increases.
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