As we discussed in Commodore. Research's most recent Weekly Executive Report, global steel production totaled approximately 150.1 million tons in July. This is down month-on-month by 1.3 million tons (-1%) and is down year-on-year by 2.7 million tons (-2%). Steel production outside of China totaled approximately 70.4 million tons. This is up month-on-month by 2.2 million tons (3%) and is up year-on-year by 500,000 tons (1%).
July has marked only the third time during the last eleven months that steel production ex-China has grown on a year-on-year basis. However, taking India out of the equation, it has contracted on a year-on-year basis during all eleven of these months.
India’s steel production set a new record in July. Indian steel production totaled 14 million tons last month. This is up month-on-month by 400,000 tons (3%) and is up year-on-year by 1.7 million tons (14%). India’s steel production has now grown for twenty-nine straight months.
