CHART: Chinese steel production surged in March

Image: Getty/Sean-Gallup

Global steel production surged in March, fitting with recent strength in Chinese iron ore, coking coal and rebar prices.

According to the World Steel Association, production jumped by 14.2% to 137 million tonnes, well above the 120 million tonnes produced in February.

The World Steel Association represents approximately 85% of global steel production, including over 150 steel producers.

Despite the surge in March, production levels still declined by 0.5% from 12 months earlier. For the quarter, output came in at 385.7 million tonnes, unchanged from the same period of 2015.

Chinese steel production — accounting for around half of total global output — was almost entirely responsible for the surge.

It jumped by 20.9% to 70.7 million tonnes, up 2.9% on a year earlier.

As a result of the sharp acceleration in output, the global capacity utilisation ratio of the 66 countries monitored rose to 70.5%, up from 66.6% in February. A year earlier it stood at 71.8%.

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