Global Steel Production (Nov.)

Growth in global steel production fell in November, in part because cold weather in China weighed on construction activity there. Nevertheless, we expect global output to remain high in 2021 as elevated prices have boosted mill profitability.
Samuel Burman Assistant Commodities Economist
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Global Steel Production (Nov.)

Global steel production contracted in y/y terms in November, mainly owing to depressed output in China. Although China’s power rationing came to an end last month, there are no signs of an upturn in steel supply. Given our expectation that construction-related steel demand will remain subdued, a sustained rebound in China’s steel production appears unlikely in the coming months.

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