World crude steel production fell 5.9 percent year on year to 158.1 million tonnes in June 2022, the World Steel Association reported on 22 July. First-half output totalled 949.4 million tonnes, down 5.5 percent, with China at 526.9 million tonnes, down 6.5 percent. June was a turning point for Chinese mills: prices had fallen so far that many were losing money on every tonne, and output cuts began in earnest late in the month. The figures covered the 64 countries reporting to the association, about 98 percent of world output. Outside China, Indian mills were adjusting to the new export duties, while European producers faced energy costs that were still climbing. June's decline was the steepest since January, and it underlined how the industry's problems had shifted from supply disruption to weak demand.
Source: World Steel Association — https://worldsteel.org/media/press-releases/2022/june-2022-crude-steel-production/
Photo: Wikimedia Commons (freely licensed).