Global crude steel production soared in January compared to the levels of a year earlier. And it wasn’t just because of strength from the world’s largest producer, China.
This chart from the World Steel Association (worldsteel) shows the rapid improvement in year-on-year production growth over the past year, leaving it at levels not seen since the immediate aftermath of the global financial crisis.
World Steel said 136.5 million tonnes of crude steel was produced in January, up 7.0% on the levels reported one year earlier.
It was also the largest monthly total since October 2016.
Production in China, the largest producer globally, came in at 67.2 million tonnes, up 7.4% on a year earlier. Combined, the rest of the world produced 69.3 million tonnes, an increase of 6.6% over the same period.
Of other individual producers, Japan produced nine million tonnes last month, an increase of 2.7% on January 2016. India, the world’s third largest producer, saw output lift to 8.4 million tonnes, up 12% on a year earlier.
Production in South Korea, the US and Russia stood at 5.86, 6.87 and 6.18 million tonnes respectively, up 3.2%, 6.5% and 11.6% on the levels reported in January 2016.
A broad based increase, and another sign that global economic activity has clearly improved over the past year.
There are currently 67 members in the World Steel Association, accounting for 85% of global steel production.