World steel production declined 7.1% to 128 million tonne (mt) in January 2016, posting its biggest single month fall in recent years. Worse, India which had bucked the trend so far, reporting positive growth, also saw its steel output decrease by 1.2% in January 2016 compared to a year ago.
India's crude steel production in January 2016 was 7.4mt, showing a decline of 1.2% over January 2015, according to data released by the Brussels based World Steel Association that compiles data for 66 steel producing countries. China's crude steel output was at 63.2 mt in January 2016, a decrease of 7.8% over January 2015. Elsewhere in Asia, Japan produced 8.8 mt of crude steel in January 2016, a decrease of 2.8% compared to January 2015. South Korea's production stood at 5.7 mt in January 2016, lower by 4.5% on January 2015.
In the EU, Germany produced 3.6 mt of crude steel in January 2016, a 2% decrease over January 2015, while Italy produced 1.8 mt, down by 5.3% over January 2015. Spain suffered a biggest fall in output , which was lower by 9.5% at 1.2 mt compared to January last year. UK's steel output went down to 0.65 mt 38.4% over 1.06 mt it produced in January last year. Turkey was the only bright spot which showed a 08% increase in steel output to 2.6 mt in January. US produced 6.6 mt of crude steel in January, a decrease of 8.8% over January last year.
Russia' saw a 10.6% decline in steel output to 5.6 mt in January 2016 over January 2015, while Ukraine saw its steel production go down by 3.6% in January this year compared to the same month last year. Compared to January 2015, crude steel capacity utilization ratio in the 66 countries during January 2016 was 66%. This was 5.8 percentage points lower than January 2015.
Source : economictimes.indiatimes.com