World crude steel production fell 5.1 percent year on year to 161.6 million tonnes in May 2023, the World Steel Association reported on 21 June, the steepest monthly decline of the year so far. China accounted for most of the fall, producing 90.1 million tonnes, down 7.3 percent on May 2022, as mills cut output in response to losses and weak demand. Production in the European Union dropped 11.2 percent to 11.6 million tonnes. Over the first five months of the year, world output totalled 786.0 million tonnes, down 1.2 percent on the same period of 2022. The May figures confirmed that the strong start to the year in China had faded: daily crude steel output fell to 2.91 million tonnes, down 5.9 percent from April, and rebar prices ended the month at their lowest since May 2020.
Source: World Steel Association — https://worldsteel.org/media/press-releases/2023/may-2023-crude-steel-production/
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