Rise from Turkey while global steel production declines
While crude steel production worldwide showed a decline in August, Turkey managed to increase its production in the first eight months of the year.
According to World Steel Association data, global crude steel production decreased by 1.2 percent in August compared to the same period of the previous year, falling to 144.2 million tons. In this period, Turkey's crude steel production recorded a 6.8 percent increase in the January-August period.
Global Production Declined in August
According to the August crude steel production data announced by the World Steel Association, global production decreased by 1.2 percent compared to the same period of the previous year, falling to 144.2 million tons. The largest share in this decline in production was the decrease in China, which holds the position of the world's largest producer.
China's Production Decreases on an Annual Basis
China's crude steel production, the largest actor in global markets, experienced a 3.7 percent decrease on an annual basis in August, falling to 74.6 million tons. This situation stood out as a determining factor in the downward trend of overall global production data.
August Data of Other Countries
In August, India's crude steel production increased by 4.6 percent to 14.8 million tons. The US's production rose by 3 percent to 7.3 million tons, while Japan's production was 6.7 million tons with a 0.4 percent increase. Russia's production decreased by 0.3 percent to 5.5 million tons, while South Korea's production reached 5.4 million tons with a 2.6 percent increase.
Turkey's August Steel Production
Turkey's crude steel production experienced a limited decline of 0.4 percent in August compared to the same month of the previous year, realizing at the level of 3.4 million tons. In the same period, Germany's production rose by 1.7 percent to 2.6 million tons, while Brazil's production declined by 6.2 percent to 2.7 million tons.
Eight-Month Global Production Data
In the eight-month period covering January-August, total crude steel production worldwide decreased by 0.7 percent compared to the same period of the previous year, recorded at the level of 1 billion 225.2 million tons. In this period, China's production fell by 3.1 percent to 651.9 million tons.
Strong Eight-Month Performance from Turkey
Turkey increased its crude steel production in the January-August period by 6.8 percent compared to the same period of the previous year, reaching a total of 26.6 million tons. This strong performance showed that the sector maintained its growth trend in the country despite the global contraction.