Global crude steel production increased by 4.6% in 2018

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      Global crude steel production increased by 4.6% last year, according to data released by the International Steel Association (WSA) on Friday. Driven by strong growth in output in most regions, including China, the largest producer, China's crude steel production increased by 6.6% last year.
According to the International Iron and Steel Association, China's crude steel output last year was 928.3 million tons, and the global crude steel output was 1,808.6 million tons. China's crude steel production accounts for half of global production. Members of the International Iron and Steel Association account for about 85% of global production.
Crude steel production increased in all regions except the European Union. EU crude steel production in 2018 decreased by 0.3% to 168.1 million tons compared with 2017. The steel industry, which is about $900 billion a year, is an indicator of economic conditions.
"We will see a significant slowdown in growth in 2019, with weak demand (and) eventually due to cost pressures, and steel mills will be shut down... (mainly) in China," said Ross Strachan, commodity analyst at Kaishou Macro.


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