Crude Steel Production Decreases in June 2023, India Emerging as a New Steel Power
Steel NewsDate: 14-08-2023 by: Nhu Quynh
According to a report by the World Steel Association in June 2023, crude steel production in 63 countries reached 158.8 million tons, down 0.1% compared to June 2022. In the context of China's struggling construction sector and the possibility of economic recession in the US and Europe, India is now an essential factor in recovering global steel demand.
In June 2023, Africa produced 1.3 million tons of crude steel, an increase of 11.5% compared to June 2022. Countries in Asia and Oceania produced 119.7 million tons, up 0.8%. The EU produced 10.6 million tons, down 11.1%. Other European countries produced 3.7 million tons, down 1.8%. Particularly in the Middle East market, in June 2023, production was 4.2 million tons, up 9.4%. In the North American market in June, production was 9.2 million tons, down 0.5%. Russia, the CIS countries, and Ukraine produced 6.8 million tons, up 5.2%. South American countries reduced production by 12.4% when they only produced 3.3 million tons of crude steel.
The World Steel Association has also listed the top 10 countries with the most significant crude steel production in the first six months of 2023: China is the world's largest steel producer, with 91.1 million tons, up 0.4% compared to June 2022. India is emerging as a new steel power with 11.2 million tons, an increase of 12.9% compared to June 2022. The third place belongs to Japan, which produced 7.3 million tons, down 1.7%. US production of 6.8 million tons increased by 0.5% compared to 2022. Russia is also one of the significant crude steel producers in the world; it is estimated to have produced 5.8 million tons, up 3.8%. Korea produced 5.5 million tons, down 0.9%. Germany produced 2.9 million tons, down 8.4%. Iran has the most robust steel production increase, which increased by 17.4% compared to June 2022, with an output of 3.2 million tons. In contrast, Brazil was the country with the most significant decrease in crude steel production in June 2023, when it decreased by 12.5% to only 2.6 million tons. Turkey is the last country on the list of the top 10 countries with the world's most significant crude steel production, producing 2.9 million tons, down 1.5%.
In the Vietnamese market, finished steel production in June 2023 reached 2.012 million tons, down 9.52% compared to May 2023 and down 16.2% over the same period in 2022. Particularly for Hoa Phat Group, in June 2023, it produced 520,000 tons of crude steel, down 23% compared to the same period in 2022. Hot-rolled coil products, which are the strength of Hoa Phat Dung Quat Iron and Steel Production Complex, produced 251,000 tons of hot-rolled coil in June 2023, up 24% over the same period last year and hitting the highest level since November 2022.
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