If you needed any further proof of just how dominant China’s steel industry is compared to the rest of the world, look no further than the chart below.
From the World Steel Association (worldsteel), it shows the percentage of global crude steel by individual nation and region on an annualised basis.
China, at 49.2%, produced nearly as much steel as the rest of the world combined last year, an increase from the 49% level seen in 2016.
At 831.7 million tonnes, China’s output was eight times larger than second placed Japan at 104.7 million tonne.
For Australia, whose top two exports by dollar value are iron ore and coal, it once again underlines the importance of China’s steel industry on the broader Australian economy given the implications for GDP growth, national incomes and mining profits.
This table from worldsteel shows the top 10 steel producers in 2017, comparing output levels to those seen in 2016.
Total global crude steel production stood at 1.6912 billion tonnes in 2017, up 5.3% on a year earlier.
Output increased in all nations and regions apart from the Commonwealth of Independent States (CIS) during the year.