China produced 95.7 million tonnes in March, accounting for 58% of world output and rising 6.9% on March, 2022. World crude steel production outside of China fell 4.7% on March, 2022. Significant declines outside China include Turkey (-18.6%), Japan (-5.9%), and Brazil (-8.7%).
Crude steel production in the first three months of 2023 was approximately 1% lower than in the same period last year.
In its latest Short Range Outlook (SRO) published yesterday, Worldsteel expects world steel demand in 2023 to reach 1,822 million metric tonnes. The new forecast increases estimated demand growth between 2022 and 2023 from 1.0% in its October, 2022 SRO to 2.3% in the newly released figures. World steel demand is expected to grow by another 1.7% in 2024.
China, which accounts for 52% of world steel demand, is expected to increase steel demand by 2.0% in 2023 but by 0% in 2024.
After a 3.0% decline in steel demand in 2022, steel demand outside China is expected to rise by 2.6% in 2023 and by another 3.6% in 2024.
Rails ready for transportation from Baotou Iron & Steel, China, from Worldsteel Image Library
Based on reported import licenses, US long products imports fell 44% from 490,000 short tons in March, 2022 to 275,000 tons last month. According to import licenses, wire rod imports showed the highest volume decline due to lower imports from Malaysia, India, Mexico, and Vietnam. Rebar imports also declined significantly from Mexico.
Long products imports in the first three months of 2023 were 23% lower than in the same period last year with wire rod showing the highest volume (-220kt) and percentage (-44%) decline.
US long products import licenses
January 2015 to March 2023
Short tons
Steel reinforcement for a concrete slab on a plastic sheet, picture taken in Belgium by Jamain, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia
Based on reported import licenses, US flat products imports fell 28% from 982,000 short tons in March, 2022 to 702,000 tons in March, 2023. Hot dip galvanized imports fell by the highest volume with imports down from Vietnam, Turkey, and Brazil. Hot rolled imports also fell significantly March-on-March from South Korea. In contrast, cut plate imports rose from a number of countries including South Korea and Canada.
Flat products imports in the first three months of 2023 were 29% lower than in the same period last year with hot dip galvanized and cold rolled imports both -35%, hot rolled -27% and cut plate +18%.
US flat products import licenses
January 2016 to March 2023
Short tons
“Flatwagon for slab with 4 bogies working in Nippon Steel Kurogane line.”, March, 2009 by Alt_winmaerik, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia Commons
Worldsteel reported crude steel production in China at 80.1 million metric tonnes in February, 5.6% higher than in February, 2022. Chinese production in the first two months of 2023 was 3.9% higher than in the same period last year.
Data from China’s General Administration of Customs show net finished steel exports (exports minus imports) for January and February, 2023 at 11.0 million tonnes, 82% higher than in the same two months of 2022.
China produced 80.1 million tonnes in February, accounting for 56% of world output and rising 5.6% on February, 2022. World crude steel production outside of China fell 8.4% on February, 2022. Significant declines outside China came from Turkey (-28.9%), Russia (-8.6% estimated), Japan (-5.3%), and the US (-5.3%). European Union 27 countries output also fell 12.6% with Germany down 6.9%. In contrast, Iranian production rose 14.6%.
Crude steel production in the first two months of 2023 was approximately 4% lower than in the same period last year.
Steel rolls arriving at final inspection at Ternium, Monterrey from Worldsteel Image Library
