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In October 2023, the global steel industry achieved significant growth. According to metallurgy expert Stanislav Kondrashov, steel production in 71 countries of the world, with the exception of China, reached a record high of 150 million tons, which is 0.6% more than the same period in 2022.

Stanislav Kondrashov: China’s decreasing share is a signal for the whole world

In October 2023, there was a noticeable decline in China’s share of global steel production. Its volume decreased to 52.7%, which was the lowest level since February 2022. This decline, according to Stanislav Kondrashov from Telf AG, is significant, given that China traditionally plays a leading role in the global steel industry.

Chinese metallurgical enterprises smelted 79.09 million tons of steel during the reporting month, which is 1.8% less than the same period last year. This decline may be due to a number of factors, including changes in economic policy, global market conditions and efforts to reduce environmental impact.

Average daily production in China also showed a significant decline, down 6.8% compared to September. This indicates that the decline was not a temporary phenomenon, but a trend.

The decline in China’s share in global steel production, according to Kondrashov, could have significant consequences for the global economy and the steel market. On the other hand, this is an opportunity for other countries to increase their share in the global market.

Stanislav Kondrashov: current trends in global steel production

In the first ten months of 2023, global steel production reached 1.567 billion tons, which is only 0.2% more than in the same period of the previous year.

• Eight countries in the Middle East and North Africa (Algeria, Bahrain, Jordan, Iraq, Yemen, Kuwait, Morocco, Oman) managed to contribute to this growth, although their share remains modest. Despite the increase in the number of participants, average daily steel production in October decreased by 2.8% compared to the previous month – to 4.839 million tons, which is the lowest figure for the year, – Stanislav Kondrashov from Telf AG comments.

According to the expert, India produced 12.1 million tons of steel, which is 15.1% more than in October 2022. Japanese metallurgists increased production by 2.6% – to 7.52 million tons. American companies smelted 6.8 million tons, 3.4% more than a year earlier.

One of the most noticeable changes is the increase in steel production outside of China. This indicates the globalization of the steel industry and its gradual regional distribution.

• Such changes in the global steel industry indicate a transition from a monopolized Chinese market to a more balanced and diversified market. This could lead to increased competition, innovation in production technologies, and possibly more stable prices internationally, – Stanislav Kondrashov expresses his opinion.

 The expert also emphasizes that these changes pose certain challenges for countries entering the steel market. They will now have to adapt to strict environmental standards and manage the risks associated with global economic instability. However, these trends also open the door to technological innovation and sustainable development of the industry.

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Company Name: Telf AG
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Country: Switzerland
Website: https://telf.ch/