© Reuters. FILE PHOTO: A customer jumps on piles of steel coils at a steel market in Jiaxing, Zhejiang province February 21, 2014. REUTERS/William Hong/File Photo
LONDON (Reuters) – Global crude steel production fell 1.1% year on year to 943.9 million metric tons in the first half of 2023 due to lower output in Europe and the Americas, World Steel Association data showed on Tuesday.
Output in China, the world’s top producer and consumer of the metal, rose 1.3% to 535.6 metric tons in January-June, the data showed.
Several Chinese steel mills have received instructions to cap this year’s output at the same level as 2022, five people familiar with the matter said on Tuesday.
China’s 2023 steel production is likely to continue hovering around the 1-billion ton mark for the fourth year in a row, analysts at Citi said in a note on Tuesday.
Outside China, Citi expects steel output to rise in the second half of the year and drive full-year ex-China production to 847 million metric tons, up 3.6% from 2022.
The World Steel Association also said that it estimated first-half production in sanctions-hit Russia, the world’s fifth largest producing country, rose 1% to 37.5 million metric tons.
Russia stopped disclosing its steel output as well as the bulk of export and import data after it invaded Ukraine in 2022.
This story originally appeared on Investing
