Global crude steel output is still holding close to record highs

China Photos/Getty Images

Global crude steel output held near record levels in August, according to new data released by the World Steel Association (worldsteel).

Total output stood at 143.6 million tonnes, just shy of the record level of 143.7 million tonnes set a month earlier. That was up 6.3% from a year earlier.

Within that figure, China produced 74.6 million tonnes, up 8.7% on the levels of a year earlier. Not only was that a record high, it also topped the 69 million tonnes produced by all other nations monitored by worldsteel.

Strong demand and high levels of profitability during August encouraged Chinese steel mills to lift production levels, helping to keep global production levels elevated. That in turn helped to underpin iron ore and coking coal demand, keeping prices elevated.

However, much of those moves have been subsequently reversed in September.

China will release updated steel production figures for September in early October.

Source: worldsteel

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.