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Through the first five months of 2017 the world steel output is ahead of its 2016 pace. At the end of May output from the 67 countries that reported their figures to the World Steel Association sits 31 million tons more than 2016. This equates to a 4.7% increase in a year over year comparison. The January-May worldwide total is now just under 695 million tons. May itself had a 2% increase compared to a year ago.
China, who accounts for half of global steel production has ramped up output once again.
Although China’s National Development & Reform Commission recently confirmed that more than 42 million tonnes of domestic crude steel capacity was cut in the first five months of 2017, the country still produced 4.4% more steel over that period; the total of 346.833 million tonnes was 14 million tonnes greater than that for January-May 2016. -Recycling International, “World crude steel output races 4.7% ahead of 2016 levels“
One reason steel output in China has increased is due to high margins caused by tighter supplies of construction steel. This is after Beijing vowed to crack down on lower quality furnaces by the end of the month. From a recent Reuters article, it states some industry participants are nervous that world steel output may once again exceed demand and weigh on prices.