Global steel production tumbles in August on China’s environmental concerns

Highlights

  • Global steel production tumbled in August 2021.
  • China curbed its steel production on environmental concerns.
  • Japan India and the US recorded a jump in their output during August.

Global steel production tumbled by nearly 1.4% y-o-y in August to record the first decline in more than a year as China seeks to curb production. The significant drop in the production of steel is witnessed as a part of China’s long-term goal to attain carbon neutrality.

As per the data released by the World Steel Association on Thursday, crude steel output dropped to 156.8Mt in August, recording the first decline since July 2020. At the same time output in China dropped to 83.2Mt, down 13.2%.

However, steel production in Japan surged 22.9% in August relative to the previous corresponding period. The US and India recorded a jump of 26.8% and 8.2% respectively.

Bottom Line

Global steel production slumped in August 2021 due to China’s initiative to curb steel production on environmental concerns.

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