Production Forecast to Exceed 1.7 Billion Tonnes in 2018
Provisional estimates indicate that global crude steel production,
in 2017, increased by 5.3 percent, year-on-year, to reach 1.69
billion tonnes. China’s reported output growth, at 5.7 percent,
resulted from rising production by the country’s major mills,
following the closure of hundreds of induction furnaces. Output from
these small facilities was previously not included in official
In the rest of the world, crude steel production expanded by 4.9
percent, compared with the figure recorded in the previous year.
Increased output was a reflection of improving global economic
conditions and reduced Chinese steel export volumes. Robust gains in
steel production were registered in most regions of the world.
MEPS predicts that growth in Chinese steel production will stagnate,
in 2018, with the annual outturn of crude steel forecast to be
similar to the 2017 figure. Output in the rest of the world is
expected to continue rising, albeit at a slower rate than in the
previous year, at around 2.6 percent. Substantial expansion is
envisaged, in India, Iran and Vietnam, resulting from investment in
steelmaking capacity in these countries. Steady output gains are
anticipated, in the United States and European Union, this year.
Global steel production growth is expected to stagnate, in 2019,
before rising modestly in the subsequent two years. By 2021, China
is expected to account for 48 percent of global steel output -
marginally below the peak of 50 percent, recorded in 2013. India
should establish itself as the second largest producing nation in
the world, replacing Japan. The positions of the fourth to ninth
major steel manufacturing countries - the United States, Russia,
South Korea, Germany, Turkey, Brazil - are expected to be unchanged.
Output gains in Iran should result in the country becoming the tenth
largest steel producing nation by the start of the next decade.
Source: MEPS -
World Steel Outlook
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