According to the latest data released by the World Steel Association, China's crude steel production fell by 1.8% year-on-year in October 2023, indicating a slowdown in output from the world's largest steel producer. The country's output witnessed a notable decline during the month, falling to 79.10 million tons.
In comparison, global crude steel production increased slightly, reaching 150 million tons in October 2023, representing an increase of 0.6% compared to the same period last year. This indicates a relatively stable performance of the industry worldwide.
India, which has emerged as a major player in the steel market, recorded significant growth in October. The country's crude steel production rose by 15.1% year-on-year to an impressive 121 million tons.
Japan, known for its strong presence in the steel manufacturing sector, recorded a 2.6% year-on-year increase in crude steel production, reaching 75 million tons in October.
South Korea, another major player in the global steel industry, recorded a 6.5% year-on-year increase in crude steel production in October. The country's output reached 55 million tons, underlining its steady growth.
These figures further emphasize the changing dynamics in the global steel industry. In addition to the continued strength of traditional major producers such as Japan and South Korea, India has also grown in importance as a steel producer.
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