DEMAND--Slowing Steel Production Growth in China and India

摘要

Cumulative global steel production reached 1.1Bt in the first seven months of 2019, up nearly 4.6% from last year.Production in the European region remain sluggish, down 2.4% year on year, mainly due to lower production in Germany,Finland, France and Italy. Turkey’s steel production was down 10.2% year on year, as production was impacted by risingraw material import costs as a result of Lira depreciation and rising energy costs. Steel production in the United Stateswas up 4.8% year on year but weaker demand due to trade war is starting to bite. India’s steel production growth remainsmoderate at 4.6%, while Vietnam’s steel production was up 57% year on year as steelmakers shifts production to Vietnamto avoid tariffs. Nonetheless, this circumvention proved short lived as the US began implementing import tariff onVietnam’s steel.