Worldsteel reported crude steel production in China at 88.3 million metric tonnes, 6.4% lower than in March, 2021. Chinese production in the first three months of 2022 was 9.2% lower than in the same period last year.
Data from the General Administration of Customs show China’s net finished steel exports (exports minus imports) in March at 3.9 million tonnes, 37% lower than in March, 2021. Net finished steel exports over the first three months of 2022 were 29% lower than in the same period last year.
China produced 88.3 million tonnes in March, accounting for 55% of world output and falling 6.4% on March, 2021. In other parts of Asia, Indian crude steel production rose 4.4% but Japanese production fell 4.3% and South Korean output fell 6.1%.
European Union 27 countries production fell 8.5% on last March following an 11.8% decline in Germany. North American production fell 2.8% with US output down 1.7%. Other significant changes compared to last March include a rise in Brazil (+5.4%), but declines in Russia (-1.8%), Turkey (-2.9%) and Iran (-6.1%).
“Gantry Crane for lifting steel slabs at Avilés, Spain. It is situated at the exit of the Avilés steelshop” by Borvan53, CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0, via Wikimedia Commons
Based on reported import licenses, US long steel products imports rose 63% from 313,000 short tons in March, 2021 to 510,000 tons last month. Wire rod imports drove the increase, with import volumes more than doubling year-on-year due to higher volumes mainly from Malaysia, but also from India, Mexico, Vietnam, and Egypt.
Long products imports in the first three months of 2022 were 50% higher than in the same period last year with the highest volume increase coming from wire rod (+101%), rebar (+20%), and parallel flange sections (+48%).
In its latest Short Range Outlook (SRO), published last Thursday, Worldsteel expects world steel demand in 2022 to reach 1,840 million metric tonnes. The new forecast decreases estimate demand growth between 2021 and 2022 from 2.2% in its October 2021 SRO to 0.4% in the newly released figures.
China accounted for 52% of world steel demand in 2021 and is expected to account for 52% of world demand in 2022 and 51% in 2023. Chinese steel demand is predicted to stay flat in 2022 and rise by 1.0% in 2023.
After a 13.2% increase in steel demand in 2021, steel demand outside of China is expected to rise by 0.7% in 2022 and 3.6% in 2023. Asia and Oceania demand outside China is forecast to rise by 4.3% in 2022 and by 3.5% in 2023. European Union plus UK demand is expected to fall by 1.3% in 2022 and rise by 4.0% in 2023. And in addition, USMCA (former NAFTA) demand is predicted to rise by 2.9% in 2022 and by 2.7% in 2023.
“BSW GmbH, Kehl, 20.04.2016, continuous casting of steel, Badische Stahlwerke, billet cutting” from Worldsteel Image Library
Based on reported import licenses, US flat products imports rose 37% from 714,000 short tons in March, 2021 to 982,000 tons in March, 2022. The increase was mainly due to higher hot rolled volumes from South Korea, Mexico and Japan. Hot dip galvanized imports also rose significantly from Vietnam, Brazil and Turkey.
Based on January and February imports and March import licenses, US flat products imports in the first three months of 2022 were 47% higher than in the same period last year with hot dip galvanized imports +59%, cold rolled imports +61%, hot rolled imports +37% and cut plate imports +23%.
Steel Import Monitor US Flat Products Import Licenses
Worldsteel reported crude steel production in China at 75 million metric tonnes in February, 10.0% lower than in February, 2021. Chinese production in the first two months of 2022 was 11.9% lower than in the same period last year.
Data from the General Administration of Customs show China’s net finished steel exports (exports minus imports) for January and February, 2022 at 6.0 million tonnes, 29% lower than in the same two months of 2021.
China monthly crude steel production
Thousand metric tonnes
“A VR-operated Dr16 class diesel locomotive (number 2806) with freight wagons at the railway station of Tornio in Finland. The two wagons closest to the locomotive are carrying what appear to be rolled steel coils.” by Methem (Mikko J. Putkonen), CC BY 3.0 https://creativecommons.org/licenses/by/3.0, via Wikimedia Commons
